California and the wildfires nightmare

feu de foret According to A.M. Best, the 2019 California fires are "new normal" compared to the previous two years. The area of hectares affected is much smaller than in 2017 and 2018, two years deemed record in terms of fire losses.

The Camp Fire alone destroyed 55 000 hectares and killed 40 people in November 2018. IT cost 16.5 billion USD in economic losses and 12.5 billion USD in insured losses. For now, insurers expect the 2019 fire season to have a low to moderate impact on the market. However, this situation could change quickly, especially as the weather forecast predicts dry and warm weather with strong winds for California.

A.M. Best points out that local insurance companies have the sufficient resources to deal with this type of risk's losses.

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