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California wildfires in 2017: heavy bill for insurers

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Magazine Issue: 
Reinsurance: struggling to survive [3]
Magazine date: 
Dec 2017
The economic losses caused by wildfires that hit California in 2017, would amount to 180 billion USD , according to an estimate published in December 2017 by AccuWeather.

Called "Thomas fire", this serie of events has ravaged, since its outbreak on December 4, 2017, until December 24, 2017, more than 110 000 hectares.

Unlike the last recorded forest fires in the area, "Thomas fire" has spread to populated areas and upscale neighborhoods of California. It destroyed more than 1 060 buildings and evacuated tens of thousands of people. Two deaths were also recorded: a fireman and a woman trapped by the flames in his car.
The USFS Fire-California, which manages the forests, described the fire as the largest disaster ever recorded in the region.

The cost of destroyed properties along with fire fighting costs and losses related to the cessation of commercial activity and road traffic, should generate a heavy bill for insurers. This disaster is to be added to the one caused by the exceptional hurricane season three months earlier in the Southern United States.

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Mon, 25/12/2017 - 11:16

Source URL: https://www.atlas-mag.net/en/article/california-wildfire-heavy-bill-for-insurers

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