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Woolsey fire payouts expected to top $3 billion

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Insurance losses from the Woolsey fire in southern California will reach $US2.5 billion ($3.4 billion), according to AIR Worldwide.

The modeller’s estimate is based on a 100% take-up rate, because damage from fire is included in standard property policies in California.

Payment of additional living expenses due to mandatory evacuations, loss of electricity, damage from fire suppression efforts and smoke loss could force the figure higher.

About 1640 structures were lost and another 364 damaged in the blaze last month.

Risk modeller RMS says the Camp fire, the most destructive in the state’s history, is likely to cause losses of $US7.5-$US10 billion ($10.19-$13.58 billion).