While many anticipated and predicted that hurricanes would create the catastrophe stories of 2007, the recent conflagrations and subsequent damage in Southern California showed that natural catastrophes come in all different shapes, sizes, and elements, wreaking havoc on insurance companies as claims begin piling up. So when million-dollar homes began going up in flames by the thousands in late October, temporary housing experts were expected to rush in alongside claim professionals to find housing solutions for those affected by the devastation.
Up in Smoke
There was plenty of devastation to go around. According to a report from Guy Carpenter's Instrat unit, which provides updates on major catastrophes that are likely to incur significant insurance losses, the wildfires destroyed more than 2,700 structures, including 2,013 homes. The report stated that officials estimate up to 950,000 people were affected by the fires. San Diego suffered the worst damage, with more than 1,500 homes destroyed, accounting for a clear majority of the total number of homes incinerated by the blazes.
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