Fire Threatens Properties With $17B TIV

After doubling in size last Monday, the “Station Fire” in California threatened homes and commercial properties with a total insured value of more than $17 billion, modeling agencies AIR Worldwide and RMS reported.

By midweek, the largest of the California wildfires, the Station Fire, had burned more than 140,000 acres, destroying 62 dwellings.

Stretching up to 25 miles east to west and 18 miles north to south, the blaze was not expected to be contained until Sept. 8 at the earliest, according to reports.

Kevin Long, a spokesperson for AIR Worldwide, emphasized that the $17 billion amount represents the total insured value of all the properties within the fire's borders–not the figure expected for insured losses.

The median home value for the area impacted by the Station Fire is just over $500,000, AIR said, and the $17 billion in total insured values breaks down to $5.4 billion in Glendale, $5.74 billion in La Ca?ada and $5.9 billion in Altadena–the communities within the border of the fire.

Both AIR and RMS had reported that the Station Fire was only 5 percent contained last Monday, but the figure had risen to 22 percent by Wednesday, according to the Insurance Information Network of California, which said weather was helping firefighting efforts.

Pete Moraga, communications specialist with IINC, said the mood among firefighters was more positive with lower winds and higher humidity aiding in the fight.

While local reports pushed the containment figure up to 38 percent by Thursday morning, officials were still ordering some evacuations.

Overall, risk modeler RMS said the multiple fires across California last week destroyed around 200 properties but continued to threaten thousands more.

The IINC noted that officials were reporting 62 “dwellings” destroyed by the Station Fire, but Mr. Moraga said there is some confusion about what the term actually means. He said it could mean homes as well as recreation cabins.

Both IINC and RMS said around 12,000 homes remained threatened on Wednesday, and IINC said an additional 500 commercial properties and 2,000 other structures were also threatened.

By late on Wednesday last week, mandatory evacuations had been lifted in some areas, including La Canada and Glendale, IINC noted. Communication towers and an observatory located on Mt. Wilson also appeared to have been saved, IINC said.

Check NU Online News Service at www.property-casualty.com for updates.