If insurance payouts for California wildfire damage reach $1.5 billion, the ultimate economic benefit to the state's economy "could total $3 billion to $4.5 billion," according to an economist.
That analysis came from Robert Hartwig, president of the Insurance Information Institute in New York, who called insurers "economic first responders"
Meanwhile another rating group said that property-casualty insurers should be unaffected even if the insured loss from the fires is $1.6 billion. Modeling firms have estimated the loss will range between $900 million on $1.6 billion.
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