Nearly 1,000 homes with a combined reconstruction cost value of $535 million are at risk of damage from the three large wildfires currently burning through California, according to catastrophe risk modeller CoreLogic.
Kincade Fire destroys a winery in Healdsburg, California. Source: AP Photo/Noah Berger
The Kincade, Tick and Getty Fires have already caused significant destruction in California, with the Kincade Fire in particular having now destroyed 206 structures, and damaged a further 40.
Based on its current perimeter, CoreLogic believes 221 single-family homes are at risk due to the Kincade Fire, with a reconstruction cost value of $150 million.
The latest data from the Cal Fire says 76,825 acres have been consumed by the Kincade blaze, with 90,015 structures still under threat despite its 30% containment.
However, there are concerns that the fire could now be exacerbated by powerful Santa Ana winds, caused by a weather system, as well as lower humidity and dry ground.
Accordingly, an extreme fire weather forecast has been issued for the Kincade Fire, suggesting the highest levels of threat.
But the Tick Fire burning in Los Angeles County could prove still more costly, according to CoreLogic, with 601 single-family homes with a reconstruction cost of $248 million at risk of damage.
Breaking out on October 24th, the Tick Fire has burned through several thousand acres and has forced the evacuation of 40,000 from the Santa Clarita valley.
Finally, CoreLogic believes the Getty Fire, also in southern California, puts 162 single-family homes at risk, with an estimated reconstruction cost of $137 million.
While the Kincade Fire currently threatens a fairly low number of properties relative to its size, with cities like Santa Rosa in its path there is a risk that the amount of properties within the burn perimeter will rise.
There are actually around 18 wildfires burning in California currently, but the Kincade, Tick and Getty incidents have received most of the focus from the insurance and reinsurance industries.
