Fires that have swept through Southern California are not expected to cause catastrophic insurance losses, according to a loss modeling firm, but significant risk remains.
A spokesman from the catastrophe modeling firm AIR, a subsidiary of the Jersey City, N.J.-based Insurance Services Office Inc., said the research team "does not expect significant insured losses from the recent wildfires."
According to the most recent figures that the California Department of Forestry and Fire Protection posted on its Web site, two major active fires, designated Sesnon and Marek, have consumed a total of 18,949 acres, destroying 104 structures and damaging 16.
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