December 2017 forest fires in California, a heavy bill for insurers
The amount of damage paid by insurers for wildfires that ravaged California in December 2017 was set at 11.8 billion USD.
This bill provided by the Insurance Information Institute proves to be the most expensive in the history of the state. The previous record dates back to 1991 in Oakland where a series of fires caused insured losses of about 2.7 billion USD.
The same source states that 32 000 houses were totally or partially destroyed, 4 300 companies affected and over 8 200 vehicles and boats burned. These figures do not include uninsured properties and public institutions.
Local insurers affirmed that they can pay for losses. However, they do not exclude the possibility of re-evaluating their rates during the next renewals. Some insurers even go so far as to refuse to cover homes that are close to woodland areas.
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