California wildfire losses spike to $11.4 billion

Insured losses to homes and businesses from the November 2018 Camp, Woolsey and Hill wildfires have risen by 25% to $11.4 billion to date, according to California Insurance Commissioner Ricardo Lara.

More than 13,000 insured homes and businesses suffered a total loss out of more than 46,000 claims reported by insurers from the November 2018 fires, the commissioner said in a statement on Monday.

The $11.4 billion insured loss figure is up more than $2.3 billion from the department’s initial estimate in December, according to the statement.