California fires top $US500 million in losses
California-based catastrophe modeller Eqecat has estimated property losses from this month’s three California wildfires to top $US500 million ($780 million). Other agencies say total costs could be as much as $US800 million ($1.26 billion).
The California State Compensation Insurance Fund announced last week it will extend credit to policyholders who have suffered financial loss or business disruption caused by the fires.
More than 900 homes and other structures have been destroyed.
The state insurance commissioner has declared the area an “insurance emergency”. The designation allows insurers to use interstate loss adjusters to help handle claims.
The California State Compensation Insurance Fund announced last week it will extend credit to policyholders who have suffered financial loss or business disruption caused by the fires.
More than 900 homes and other structures have been destroyed.
The state insurance commissioner has declared the area an “insurance emergency”. The designation allows insurers to use interstate loss adjusters to help handle claims.