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California wildfires to cost insurers over $4.6 billion, Moody’s reports

The wildfires in northern California are expected to be among the costliest ever for P&C insurers, according to a new Moody's report.

By Danielle Ling | Updated on October 20, 2017

As northern Californians begin to assess the damage caused by the week-long fires that ravaged the area, a new Moody’s report estimates insured losses for P&C insurers will be among the costliest ever recorded.

Moody’s estimates losses will reach $4.6 billion or higher, based on data from the California Department of Forestry and Fire Protection (CAL FIRE). This number comes from data shown in Exhibit 1, where CAL FIRE estimates 5,700 structures have been destroyed with an average value of $802,000 per structure.

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Danielle Ling

Danielle Ling

Danielle Ling is an experienced video journalist and business reporter. As associate editor, Danielle manages all multimedia and reports on industry news and risk-related coverage, managing all weather-related content. A University of Maryland and Philip Merrill College of Journalism alum, Danielle previously served as a video journalist for Verizon FiOS 1 News NJ, Push Pause. Connect with Danielle on LinkedIn or email her at [email protected].

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