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California wildfires will cost insurers more than $1.1 billion

The wildfires that raged across Northern California last month will cost insurers more than $1.1 billion, according to catastrophe modeler Impact Forecasting.

By Christie Boyden, Bloomberg | Updated on October 08, 2015
Cadaver search dog handler Lynne Engelbert looks over the remains of a home in the Anderson Springs area of a man missing following a wildfire days earlier, near Middletown, Calif. Aided by drought, the flames have consumed more than 100 square miles since the fire sped through rural Lake County, less than 100 miles north of San Francisco. (AP Photo/Elaine Thompson)

(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.

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