Wildfires

Insured losses from Camp and Woolsey wildfires are estimated at $9 billion to $13 billion

Key Points
  • Risk modeling firm RMS said it estimated insured losses from the Camp and Woolsey wildfires between $9 billion and $13 billion.
  • RMS estimates insured losses of $7.5 billion to $10 billion from the Camp wildfire and $1.5 billion to $3 billion for the Woolsey fire.
Couple hugs after they manage to recover a keepsake bracelet in the rubble of their destroyed home, destroyed by the wildfire in Paradise, California, on Nov. 15, 2018.
Marcus Yam | Los Angeles Times | Getty Images

Risk modeling firm RMS said on Monday that it estimated insured losses from the Camp and Woolsey wildfires, which ravaged California, between $9 billion and $13 billion.

RMS estimates insured losses of $7.5 billion-$10 billion from the Camp wildfire and $1.5 billion-$3 billion for the Woolsey fire, which caused massive destruction in Malibu, southern California, where million-dollar homes once stood.

Besides the toll on human life, property losses from the Camp Fire that tore through the mountain town of Paradise make it the most destructive in California history, posing the additional challenge of providing long-term shelter for several thousands of displaced residents.

At last count, the Camp Fire had destroyed more than 13,600 homes and other structures, authorities said on Sunday.

The estimate of RMS relates to property and auto damages, burn and smoke damages, business interruption, additional living expenses and losses of personal items, in what the firm called a consecutive record-breaking wildfire season.

Next Article
Key Points
  • In California touring the zone affected by a brutal wildfire, President Donald Trump pledged that improved forest management practices will diminish future risks.
  • The declaration evoked his initial tweeted reaction to the fire, the worst in the state's history, in which he seemed to blame local officials and threatened to take away federal funding.