The economic costs of the devastating wildfires that have hit California in recent weeks has continued to rise, with the latest estimate from the local government suggesting that around 8,400 structures, largely homes, have now been completely destroyed by the blazes
At least 10 wildfires continue to burn int he state of California, although the situation has improved somewhat in recent days in the north where the most damaging wildfires had occurred.
But in the south, in San Diego County, strong winds have helped to rapidly spread a new wildfire, raising the prospects of an increasing damage bill.
Insurance and reinsurance markets are anticipating one of the largest wildfire losses in history now, with the recent events perhaps the largest insurance industry loss from wildfires ever.
Estimates suggest that the final toll will be in the billions, with Moody’s suggesting insurance and reinsurance markets could face a $4.6 billion bill for the damage and the Insurance Commission of California saying that preliminary insured loss data counts $1.045 billion of claims already.
Two fires in Sonoma and Napa Counties have contributed the majority of the structural damage and destruction.
The Tubbs Fire, which has impacted the city of Santa Rosa so severely, is now estimated to have caused the destruction of 5,300 structures, while the Nuns Fire is estimated to have destroyed another 1,200 and also affected the east of Santa Rosa.
In total over 245,000 acres of California have burned due to the recent wildfires and 11,000 firefighters fought the blazes. 42 lives were lost from this recent wildfire outbreak.
The Tubbs Fire with its 5,300 structures destroyed is now put as the most destructive California wildfire on record....
...MUCH MORE
Previously:
Oct 18
It's going to be much more than that.
6000+ structures at even $100k average per gets you to $6 bil.
6000+ structures at even $100k average per gets you to $6 bil.
