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2017 to be one of the costliest catastrophe loss years ever, Fitch says

A new Fitch Ratings report assesses the insured losses caused by October's historic wildfires in California.

By Danielle Ling | Updated on November 21, 2017
October's wildfires in northern California will be the costliest ever in the U.S., Fitch Ratings reports. (Photo: AP Photo/Jeff Chiu)

The October wildfires that devastated northern California’s Napa and Sonoma counties are expected to be the costliest wildfire loss in U.S. history, according to Aon Benfield. The latest insured loss estimate is $8 billion, and the overall economic losses are expected to be considerably greater. The impact on insurance company ratings may not be as severe, however.

A new report from Fitch Ratings says that, based on recent assessments, no U.S. reinsurance companies in its rated universe are expected to be downgraded as a result of losses from the California wildfires alone.

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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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