California Woolsey fire insured losses exceed $2.5bn: AIR
Industry insured losses from the Woolsey fire in Southern California will be at least $2.5 billion, according to estimates by catastrophe risk modelling firm AIR Worldwide.
The estimate of insured losses is based on the assumption of nearly 100 percent take-up rates and the fact that damage from fire, including wildfire, is included in standard homeowners' policies in California.
The Woolsey fire ignited on Nov. 8, 2018 south of Simi Valley in the southeastern corner of Ventura County and spread quickly due to Santa Ana winds and low humidity, as well as challenging suppression factors including steep terrain, limited access, and extreme fire behaviour, AIR noted. Full containment was achieved on November 22. The cause of the Woolsey Fire is still under investigation, according to the final update issued by Los Angeles County Fire Department on November 25. In total, the Woolsey Fire burned through 96,949 acres and 1,643 structures; another 364 structures were damaged, AIR noted.
Industry insured losses from the Woolsey Fire could be higher than $2.5 billion due to uncertainty in the payment of additional living expenses resulting from mandatory evacuations, loss of some individual structures outside of the most affected neighbourhoods, as well as widespread but lower levels of loss due to smoke, loss of electricity, and damage from suppression efforts.
AIR's modelled insured loss estimates include insured physical damage to property (residential, mobile home, and commercial), both structures and their contents, and auto direct business interruption losses.
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