ISO: Ariz. Wildfire Loss Is $120 Million
NU Online News Service, July 18, 12:17 p.m. EST? Insurers are expected to pay an estimated $120 million to home owners and businesses for insured-property losses from the Rodeo-Chediski Complex wildfire in Arizona, according to preliminary projections by the Jersey City, N.J.-based Insurance Services Office Inc.
ISO's Property Claim Services unit said the wildfire, which destroyed 400,000 acres in late June and early this month, most of it national parkland, generated over 6,000 claims for damage to residential and commercial property and vehicles.
The fire destroyed an estimated 300 dwelling structures, causing an estimated $70 million in insured-property damage, PCS reports.
ISO's PCS unit defines a catastrophe as an event within a particular territory that causes $25 million or more in insured-property losses and affects a significant number of property and casualty policyholders and insurers.
PCS estimates represent anticipated insured loss on an industrywide basis arising from catastrophes, reflecting the total net insurance payment for personal and commercial property lines of insurance covering fixed property, personal property, vehicles, boats, related property items and business-interruption losses. The estimates exclude loss-adjustment expenses.
According to ISO spokesman Chris Guidette, the wildfires that have blazed in Colorado during the same period have not hit a level meeting the criteria for an ISO definition catastrophe.
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