Early Data Shows Insured Losses from California Wildfires Already at $1B and Growing

Insurance Commissioner Dave Jones today released preliminary data provided by eight California insurers processing claims for tens of thousands of policyholders that shows $1.045 billion in losses to commercial and residential structures, personal and commercial vehicles and agricultural equipment.

The numbers are expected to climb, as more claims are filed and processed, according to the California Department of Insurance. Experts said last week they expect up to $6 billion in losses from the fires.

More than 7,000 structures were damaged or destroyed, and residents in counties across northern and southern California are leaving evacuation centers to access what they’ve lost and begin the long road to rebuild and recover.

“These numbers are just the beginning of the story as one of the deadliest and costliest wildfire catastrophes in California’s history,” Jones said in a statement. “The tragic death of 42 people and over a billion in property losses are numbers-behind these numbers are thousands of people who’ve been traumatized by unfathomable loss. We must do all we can to ease their pain and help them recover and rebuild.”

Related:

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  • All Wildfire Damage to California Wineries May Not be Covered by Insurance
  • California Wildfires Threaten Significant Losses for P/C Insurers, Moody’s Says
  • Losses from California Wildfires Could Reach up to $6 Billion, Experts Say
  • Cal Fire: California Wildfires Have Destroyed 3,500 Structures, Killed 17
  • California’s $58B Wine Industry Hit by Wildfires
  • California Wildfires Are a ‘Larger Scale Disaster’
  • Wildfires Ravage California’s Iconic Wine Country Region

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