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Insured losses from Calif. wildfires top $9B

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Insured losses from Calif. wildfires top $9B

California's insurance commissioner said the state's most recent wildfires are estimated to have generated $9.05 billion of insured losses so far.

The deadly blazes completely destroyed 10,564 residential structures and partially destroyed 17,955, Commissioner Dave Jones said during a press conference.

Flames destroyed 350 commercial properties and damaged another 1,648. The state has also logged exposure losses to 9,457 auto and other nonresidential property items.

The state expects the claims numbers to rise as more victims gain access to their property to file or amend claims, Jones said.

Insured losses from the Camp and Woolsey fires are coming in lower than the 2017 wildfires even though the 2018 blazes have been the most deadly and destructive in history. Last year's fires hit more expensive property, whose average value in some residential areas averaged about $508,000, whereas the average home value in Paradise, the community most affected in 2018, was about $250,000, Jones said.