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.
The wildfires began on Oct. 8 and spread rapidly due to high winds, low humidity, dry conditions and high temperatures. So far, the wildfires are responsible for at least 42 deaths and the destruction of 5,700 homes and commercial structures. As of Oct. 14, more than 221,000 acres have been burned, according to CAL FIRE.
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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].
