Total losses from Camp, Woolsey fires could reach $19 billion: CorelogicPosted On: Nov. 27, 2018 1:41 PM CST
Total losses, including insured and uninsured damages, from the Camp Fire in Northern California are estimated to be between $11 billion and $13 billion, while total losses from the Woolsey Fire in Southern California are estimated to be an additional $4 billion to $6 billion, according to property data and analytics provider Corelogic Inc.
The Camp Fire is the most destructive wildfire in the state’s history, Irvine, California-based Corelogic said Tuesday in a statement. Estimated damages break down to $3 billion to $4 billion in commercial losses and $8 billion to $9 billion in residential losses.
Woolsey Fire damage estimates are pegged at up to $500 million in commercial losses and some $3.5 billion to $5.5 billion in residential losses, Corelogic figures showed.
The numbers are the total losses, insured and uninsured, to residential and commercial properties, the statement said, adding that “Insured losses are likely to be a bulk of the total.”
The estimates, including both residential and commercial properties, account for building, content and additional living expenses, and the estimated losses include fire, smoke, demand surge and debris removal, Corelogic said.
According to the California Department of Forestry and Fire Protection, total burned acreage was 153,336 acres for the Camp Fire, which burned nearly all of Paradise, California, and 96,949 acres for the Woolsey Fire, which charred Malibu, California.
Corelogic’s U.S. wildfire model is a probabilistic loss model designed to estimate damage and insured losses due to brushfire breakouts in the U.S., the statement said.
The model accounts for both burn and smoke damage in Arizona, California, Colorado, Florida, Idaho, Montana, New Mexico, Nevada, Oklahoma, Oregon, Texas, Utah, Washington and Wyoming.