(Bloomberg) -- The wildfires that raged across NorthernCalifornia last month will cost insurers more than $1.1 billion,according to catastrophe modeler Impact Forecasting.
The Valley Fire, northwest of San Francisco, destroyed almost2,000 homes, leading to at least $925 million in expenses for theindustry and making it the third-most expensive in Californiahistory, according to a report Thursday from Impact. The sum forthe Butte Fire, southeast of Sacramento, is more than $225million.
“The severity of the September wildfires in California serves asa reminder of how costly the peril can be for the insuranceindustry,” Adam Podlaha, head of Impact Forecasting, said in astatement.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
