30 October 2017Insurance

Economic losses from wine country wildfires at up to $8bn

Economic losses from the wildfires impacting Sonoma, Napa, Solano, Lake, and Mendocino counties are estimated at between $6 billion and $8 billion, according to catastrophe risk modelling firm RMS.

The estimate range includes loss due to property damage, contents and business interruption caused by the fires to residential, commercial, and industrial lines of business. Automobile or agricultural crop losses are not included. High penetration rates of wildfire coverage in standard homeowners and commercial policies implies similar insured losses.

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