NU Online News Service, July 17, 1:42 p.m. EDT
Two Colorado wildfires that have caused more devastation than any wildfire season in the state's history are expected to cause nearly $450 million in insured losses, according to a state association.
The Waldo Canyon and High Park Fires destroyed more than 600 homes and turned Colorado into a federally-declared disaster area.
The Rocky Mountain Insurance Information Association (RMIIA) says the Waldo Canyon Fire in Colorado Springs becomes the state's most expensive fire in history, with estimated insured losses of more than $352.6 million from approximately 4,300 claims, including for 346 destroyed homes.
Previously, the 2010 Fourmile Canyon Fire was Colorado's worst for insurers, having caused $224 million in insured damages when adjusted to today's dollars.
“The 2012 Wildfire Season is a heartbreaking reminder to Coloradans that the wildfire threat is very real in our state and can exact a price that is both personally devastating and costly in terms of insurance damage,” said Carole walker, executive director of the Rocky Mountain Insurance Association. “Insurance catastrophe adjusters have been on the ground in our state since early June, and the industry is prepared to help impacted residents recover and communities rebuild. The industry has many resources available to help Coloradans work through the claims settlement process.”
The top homeowners insurer in the state is State Farm Multi Automobile Insurance, with a market share of 23.39 percent in 2011. The rest of the state's top-five insurers are Farmers Insurance Group, American Family Mutual, Allstate Corporation, and USAA Insurance Group.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
