Californian firestorms claims may reach $500m

A Californian non-profit, non-lobbying insurance trade association has estimated the insured losses from the Southern Californian firestorms at $500m.

Candysse Miller, executive director of the Insurance Information Network of California, commented: “Our surveys of the insurance industry have confirmed a total of 1,760 claims filed from the Southern California firestorms as of 2 p.m. [Tuesday]”

“We're not yet done with these very unpredictable fires, which will clearly cost hundreds of millions of dollars, and are likely to reach at least $500 million in insured losses.”

“At 2,900 homes lost and $1.7 billion in insurance claims paid, the Oakland Hills fire remains at this point the most destructive single brushfire in California history.

Candysse Miller, executive director of the Insurance Information Network of California

“It is important to remember that the insurance industry has confronted catastrophic fires before, and while the current firestorms are clearly of historic magnitude, the industry not only has the ability to pay these claims, but also is already writing checks to fire victims.”

“At 2,900 homes lost and $1.7bn in insurance claims paid, the Oakland Hills [1991] fire remains at this point the most destructive single brushfire in California history.”