California wildfire insurance losses rise to $11.4 billion

Insured losses from the November 2018  wildfires in California have been re-evaluated upwards to $11.4 billion, representing a 25 percent hike from initial figures reported by the US government’s Department of Insurance.

Insurance commissioner Ricardo Lara announced the update, which puts losses up by $2.3 billion from those reported two months ago, on the 28th of January.

The fires are the most devastating in 100 years, killing 89 people and destroying 13,000 insured homes and businesses leaving thousands without shelter. Insurers said they have received 46,000 claims so far.

Lara said his staff are working in the affected areas to support survivors as well as setting up workshops in the future to help people with their insurance needs. The department has also sent its law enforcement personnel to these areas to deter scam artists who might target survivors. Department staff have escorted homeowners and insurance claims adjusters through affected areas to enable them to inspect more than 1,200 properties and help speed up claims.

Fire investigators recently absolved energy supplier Pacific Gas & Electric Co (PG&E) of liability for causing several of the wildfires including the Tubbs Fire. The investigation, led by the California Department of Forestry and Fire Protection, found the Tubbs Fire was caused by a private electrical system next to a residential structure and did not find evidence of state law violations.

However, investigations into the cause of the Camp Wildfire are ongoing with investigators looking into whether PG&E may be liable.

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