I posted a couple of days ago about the recent California wildfires and put forward some useful online data sources on fire potential and risk. On the same topic it’s pertinent to note the amount of exposure the recent fires caused.
First American have said that the total residential property exposure from the recent fires came to $5.8b. This shows that fire events can cause as much losses as a hurricane which just shows that some new methods of risk transfer are well overdue for wildfire risks.
EQECAT estimate the actual losses at $500m but the amount exposed shows just how bad these events have the potential to be!
Update: Post Magazine have a story quoting loss estimates at over $787m with the potential to reach $1b after all commercial losses are calculated.
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