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posted on Oct. 25, 2007
Report: California Wildfires Could Cost Insurers More than $1.5 Billion
The wildfires ravaging large swathes of Southern California are likely to cost insurers between $900 million and $1.6 billion, making them among the most expensive in the region's history, according to analysis by Risk Management Solutions (RMS), the world's leading provider of products and services for catastrophe risk management. If the wildfires continue to spread in this ongoing situation, losses are expected to reach or exceed the higher end of this estimate. Of the 23 fires, the Witch Fire in San Diego has caused the most property damage so far, and it is likely to result in insured losses of $600 million to $1 billion.
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