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The number of structures damaged may put the event on par with the fires of 2017 and 2018. -
Many are confident the regulatory changes will still stabilize the market in the near-term.
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Sources are saying 2025 could be as expensive for wildfires as the $20bn loss years of 2017 and 2018.
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Total economic and insured losses are “virtually certain” to reach into the billions.
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AM Best said it expects insured losses from the California wildfires to be “significant”.
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This could see it surpass the 2017 Camp Fire, which cost around $12.2bn.
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Moody’s also expects losses in the billions of dollars.
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Six wildfires are now burning in SoCal, with the Palisades fire being the largest.
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Six fires now cover more than 27,000 acres across Southern California.
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The fast-moving blazes have prompted evacuations across the city.
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More than 4,000 acres are burning as thousands evacuate.
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CA insurers can now use forward-looking cat models in ratemaking.
