The insured damage could equal or exceed the 1991 Oakland Hills fire that had insured losses of $1.7 billion.

According to the latest figures released by the state of California, approximately 3,596 residences and 1,182 other structures were destroyed in the fires that covered five counties surrounding Los Angeles. The fires claimed 20 lives and 744,554 acres.

Insurance executives said the claims they are seeing involve mostly homeowners, with some auto claims beginning to trickle in. There appear to be few commercial insurance claims, and none that would amount to significant claims.

The bulk of homeowners insurance is written by direct writers, State Farm, Farmers and Allstate insurance. According to figures released by Fitch Rating, the three write slightly more than 56 percent of the California homeowners market.

A growing concern is the potential for fraud by unscrupulous contractors. Carriers have sent notices to their clients alerting them to be on watch for people looking to take advantage of the disaster.

California's insurance commissioner, John Garamendi, announced the formation of a multi-agency task force to combat fraud and protect victims of the wildfires. The department is also running workshops for victims designed to help them start the rebuilding process.