Insured Losses from 2018 Wildfires Reach $9 Billion
According to preliminary data released by Insurance Commissioner Dave Jones, insurance claims from the Camp, Woolsey, and Hill fires are up to an estimated $9.05 billion in actual losses for commercial and residential coverage, personal and commercial vehicles, and agricultural and other coverages. The deadly Camp Fire accounts for the bulk of the claims, with just over $7 billion of the total. It should be noted that as more claims are filed and processed, the total is expected to rise. Together these three devastating fires damaged or destroyed 20,000 homes. Thus far, the claims have not yet reached last year’s recorded total of $12 billion in wildfire-related insured losses.
Jones also issued a notice to all property insurance companies requesting they agree to expedite claims handling for Camp and Woolsey wildfire survivors in order to help them begin the recovery and rebuilding process more quickly. Further, an emergency declaration was issued, which allows companies to use out-of-state adjusters to respond more quickly to a large number of losses.
For more information, please see https://www.insurance.ca.gov/0400-news/0100-press-releases/2018/release142-18.cfm.