Direct incurred insured losses reported to the local authority after the recent Camp and Woolsey wildfires in California have risen 25% to hit $11.4 billion, according to the state Insurance Commissioner.
In December the figure was reported at $9 billion by the California state insurance authorities, but claims continue to be resolved and the total has risen significantly.
The $11.4 billion of reported insurance and reinsurance sector losses across the two fires compares to industry loss estimates that now suggest the final bill will be as high as $17 billion across the pair of blazes (data available via our sister publication Reinsurance News here).
The Commissioner reports that over 13,000 insured homes and businesses suffered a total loss from the wildfires, out of more than 46,000 claims reported by insurance firms.
“Today, we have a clearer picture of the loss from the devastating Camp and Woolsey fires,” commented Commissioner Ricardo Lara. “The Department of Insurance is here to help. To date we have assisted more than 5,000 survivors of the November fires. To the residents of Paradise, Butte, Malibu, Los Angeles and the other communities who have lost so much—we stand with you on the long road to recovery.”
This data from the Commission reflects actual insured losses reported to it by insurers and it will continue to update the data over the coming months, with the insured loss figure expected to continue to grow towards the industry estimates.
The impact of these California wildfires contributed to a very negative November for the ILS fund market, as collateralized reinsurance and some aggregate catastrophe bond positions took a hit.