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Aon: Wildfire Claims Will Likely Exceed $10 Billion For Second Straight Year

 Monday, December 10, 2018

 Insurance Business

Total insurance claims for wildfires in the US will likely exceed $10 billion for the second year in a row, according to a new report. Aon’s Impact Forecasting team recently released its monthly Global Catastrophe Recap report, which evaluated the impact of natural disasters worldwide during November. Notable in the report was the devastation caused by the California wildfires, including the Camp Fire in Butte County, the deadliest and most destructive wildfire on record. The Camp Fire killed 88 people, left dozens unaccounted for, and damaged or destroyed 19,357 homes and other structures. The fire largely destroyed the city of Paradise, Calif. Total aggregated economic losses were conservatively estimated to exceed $10 billion, according to Aon.