The ongoing wildfires along the U.S. West Coast have torched millions of acres of land and caused widespread property damage in California and Oregon.
More than 30 fires burning across Oregon have consumed over 1 million acres and left thousands homeless. More than 3,000 people are staying in shelters run by local counties, the state and the American Red Cross, according to a Sept. 13 press release from Oregon's Office of Emergency Management.
The destructive blazes, which firefighters are still battling, have already destroyed numerous structures and homes in the state. Early estimates of insured losses resulting from the wildfires have yet to be released, but the 2019 annual statutory data shows that State Farm Mutual Automobile Insurance Co. has the largest exposure in the homeowners line of business in Oregon. State Farm subsidiary State Farm Fire & Casualty Co. wrote $198.3 million in direct premium, controlling 22% of the homeowners insurance market in the state.
Farmers Insurance Group of Cos. is the second-largest homeowners insurer in the state, with a 15% market share and direct premiums written of $141.9 million in Oregon.
Liberty Mutual Holding Co. Inc. ranks No. 3 in the homeowners business line and No. 1 in fire insurance in the Beaver State. In 2019, the insurer wrote $116.3 million in direct premiums in the homeowners line and $14.2 million in the fire insurance market.
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