(Bloomberg) -- The wildfires that raged across Northern California last month will cost insurers more than $1.1 billion, according to catastrophe modeler Impact Forecasting.
The Valley Fire, northwest of San Francisco, destroyed almost 2,000 homes, leading to at least $925 million in expenses for the industry and making it the third-most expensive in California history, according to a report Thursday from Impact. The sum for the Butte Fire, southeast of Sacramento, is more than $225 million.
“The severity of the September wildfires in California serves as a reminder of how costly the peril can be for the insurance industry,” Adam Podlaha, head of Impact Forecasting, said in a statement.
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