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California regulator’s data shows over $9bn insured wildfire loss

13th December 2018 - Author: Charlie Wood

Preliminary claims data from the California Department of Insurance reflects $9.05 billion in actual losses for commercial and residential coverage, personal and commercial vehicles, and agricultural and other coverages from November’s Camp, Woolsey and Hill wildfires.

California Department of InsuranceIt’s important to underline the preliminary nature of this estimate and that the market is still anticipating upwards of a $15 billion hit from the wildfires.

“The devastating wildfires of 2018 were the deadliest and most destructive wildfire catastrophes in California’s history,” said Insurance Commissioner Dave Jones.

“The tragic deaths of 88 people and over $9 billion in insured losses to date are shocking numbers—behind the insured loss numbers are thousands of people who’ve been traumatized by unfathomable loss.”

The department has stated that it will update loss figures in the coming months as insurers report more data.

Included in this data are 17,955 partial residential losses; 10,564 total residential losses; 1,648 partial commercial property losses; 350 total commercial property losses; 9,457 auto and non-residential exposures losses (ocean marine, inland marine, aircraft, boiler, machinery etc).

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