13 December 2017Insurance

At least 1,500 structures affected by Southern California wildfires

More than 1,500 structures were damaged or destroyed by at least six notable fires in Southern California, according to an Aon Benfield report.

State officials reported that full assessments would be ongoing as containment was further achieved.

Firefighters worked to contain several major wildfires across Southern California, as the fires burned into a second week. The most significant of the fires, the Thomas Fire, was noted to have destroyed more than 889 structures alone – the tenth most destructive fire on record in California.

States of emergency were declared in Los Angeles, Ventura, San Diego, and Santa Barbara counties. The fires were ignited by one of the strongest and most extended Santa Ana wind events in recent years.

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17 January 2018   Wildfires in Northern California and in Southern California caused record-breaking insured losses in 2017, impacting re/insurers’ profitability and requiring changes in underwriting and the underlying risk models.
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5 January 2018   The Insurance Commissioner of California has called for changes in the law that will ensure improved availability of fire insurance in the aftermath of the wildfires in the state and some insurers’ reluctance to cover this risk.
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13 December 2017   The California Department of Insurance has issued a notice to insurers asking them to agree to expedite wildfire claims handling and adopt a billing grace period.