ICEYE satellite analysis: Over 10,900 buildings likely destroyed in Palisades and Eaton fires

Analysis from ICEYE, the provider of satellite data and services to inform decision-making and analysis, suggests that more than 10,900 buildings have likely been destroyed by the Palisades and Eaton wildfires in Los Angeles County.

The company has released updated data on the wildfires impacting California and ICEYE’s satellite derived building-level insights closely match some of the estimates for property damage seen from official sources so far.

As we reported in our earlier article today, fire officials are stating that the number of structures damaged and destroyed by the fires burning in Los Angeles suburbs and Southern California is expected to be above 12,300.

As a reminder, insured loss estimates are ranging $15 billion to $25 billion, with a few analysts suggesting the total could prove higher if the fires spread further and cause more damage.

ICEYE has now analysed its satellite data and found 10,900 buildings as likely having been destroyed in just two of the fires that have affected the region in recent days.

ICEYE explained, “The Palisades Fire has burned more than 23,000 acres, leaving a devastating impact. Based on 8 data releases, ICEYE identified more than 4,500 buildings as likely destroyed in the area. Containment efforts so far have reached just 13%.

“ICEYE’s analysis of the Eaton Fire has covered over 14,000 acres, and our newest data revealed that more than 6,400 buildings were likely destroyed within our analyzed perimeter. Containment has progressed to 27%.”

The company also said, “We also delivered an analysis of the Hurst Fire, which has burned over 700 acres and has reached 95% containment.”

You can see ICEYE’s analysis for the Palisades Fire in this image:

ICEYE’s analysis for the Eaton Fire can be seen in this image:

Update – Jan 15th:

ICEYE updated its estimates for the number of buildings likely destroyed by the wildfires, to more than 4,600 for the Palisades fire and more than 6,700 for the Eaton fire, giving a new total of 11,300 buildings thought destroyed.

Also read:

– Catastrophe bond price movements due to LA wildfire exposure.

– Evercore ISI: LA wildfire insured loss $20bn-$25bn. Could be one event under reinsurance.

– LA wildfire losses to “notably exceed” $10bn, could approach $20bn: Gallagher Re.

– Mercury says LA wildfire losses to exceed reinsurance retention.

– LA fires: “Considerable attachment erosion” likely for some aggregate cat bonds – Steiger, Icosa.

– LA wildfires: Over 10k structures destroyed. Insured losses up to ~$20bn, economic $150bn.

– LA wildfire losses unlikely to significantly affect cat bond market: Twelve Capital.

– LA wildfires unlikely to cause meaningful catastrophe bond impact: Plenum Investments.

– JP Morgan analysts double LA wildfire insurance loss estimate to ~$20bn.

– LA wildfires: Analysts put insured losses in $6bn – $13bn range. Economic loss said $52bn+.

– LA wildfires bring aggregate cat bond attachment erosion into focus: Icosa Investments.