Wildfire is costliest in state history: Insurance Council of Texas

AUSTIN, Texas—Insured losses from the Bastrop fire in Texas that broke out Labor Day weekend will reach up to $250 million, the Insurance Council of Texas said Tuesday.

According to the council, the losses make the Bastrop fire the costliest wildfire in Texas history. Approximately 1,500 claims have been filed by Bastrop residents and business owners, according to the Austin, Texas-based council.

The $250 million loss estimate is $100 million higher than initially projected.

A spokesman for the council said statewide wildfire losses for 2011 could reach as high as $500 million.