California DOI Estimates $1.05B In Wildfire Losses

The California Department of Insurance has released an estimate for the damages left behind by the catastrophic wildfires that have left historic damages in the state. The department believes the insured wildfires losses will reach at least $1.05 billion. This estimate is based on the claims received so far from the eight largest Californian insurance companies. Following that estimate, the California Department of Insurance also revealed that it expects the figure to grow. By the time of the release of its data, there had already been 601 commercial property loss claims, 4,177 partial residential loss claims and 3,000 auto loss claims.