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Texas wildfire insured loss estimate increases to $325M

Posted On: Dec. 8, 2011 12:00 AM CST

AUSTIN, Texas—Insured losses from the September Bastrop wildfire in Texas are now projected to reach $325 million, the Insurance Council of Texas said Thursday.

According to the Austin, Texas-based insurer trade group, the Bastrop fire has become the costliest wildfire in Texas history. This year is the costliest year for wildfires with insured losses at $500 million, easily surpassing 2009, which had previously had been the costliest year with $115 million in insured losses.

The group said 1,673 houses were destroyed by the fire. It also said more than half of the homeowner insurance claims arising from the fire have been settled.

Insured damage had previously been estimated at $250 million.