Insured losses from Camp and Woolsey wildfires estimated at US$9-13b

[SACRAMENTO] Risk modelling firm RMS said on Monday that it estimated insured losses from the Camp and Woolsey wildfires, which ravaged California, between US$9 billion and US$13 billion.

RMS estimates insured losses of US$7.5 billion-US$10 billion from the Camp wildfire and US$1.5 billion-US$3 billion for the Woolsey fire, which caused massive destruction in Malibu, southern California, where million-dollar homes once stood.

Besides the toll on human life, property losses from the Camp Fire that tore through the mountain town of Paradise make it the most destructive in California history, posing the additional challenge of providing long-term shelter for several thousands of displaced residents.

At last count, the Camp Fire had destroyed more than 13,600 homes and other structures, authorities said on Sunday.

The estimate of RMS relates to property and auto damages, burn and smoke damages, business interruption, additional living expenses and losses of personal items, in what the firm called a consecutive record-breaking wildfire season.

REUTERS