Login Register Subscribe
Current Issue

Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

California wildfire insured losses top $1 billion

Reprints

California wildfires caused more than $1 billion in insured damage last month, according to a report released Thursday by the Impact Forecasting team at Aon P.L.C.'s Aon Benfield Group.

According to “Global Catastrophe Recap: September 2015,” last month's Valley Fire that burned large portions of California northwest of San Francisco, resulted in estimated insured losses in excess of $925 million. The Butte Fire near Sacramento caused about $250 million insured losses.

“The severity of the September wildfires in California serves as a reminder of how costly the peril can be for the insurance industry,” said Adam Podlaha, head of Impact Forecasting in London, in a statement accompanying the report. “With insurers facing more than $ 1 billion in claims payouts for the Valley and Butte fires alone, it makes it the costliest year for the peril since 2007.