The wildfire that has consumed 260 homes and outbuildings in the Lake Tahoe, Calif., region will create insurance losses that meet an industry definition of a catastrophe, a modeling firm said.

Based on initial reports of structure and home loss, it is anticipated that insured losses could exceed $25 million, said Boston-based AIR Worldwide Corp. At that level the fire meets the definition of catastrophe used by Property Claims Services, a subsidiary of the Jersey City, N.J.-based the Insurance Services Office Inc.

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