As insured loss estimates from the Southern California wildfires pass $1 billion, a ratings agency predicted this could become the costliest catastrophe insured loss event in 2007.
Fitch Ratings added that this could become the costliest wildfire catastrophe insured loss event ever for the property-casualty insurance industry.
Risk Management Solutions said insured losses could be anywhere from $900 million to $1.6 billion–a record loss.
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