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Loss estimates for the disaster from the likes of KCC, Verisk and Moody’s RMS now range between $28bn and $40bn. -
Guy Carpenter said personal lines exposure would account for 85% of the aggregate loss.
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The laws mandating payments were enacted after devastating fires in 2018.
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The insurer’s strong Q4 results might not read across to the rest of its peer group.
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The industry loss number has increased threefold from an initial $5bn pick.
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The total includes fire and smoke damage plus living expenses for evacuees.
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The fire started Wednesday morning and is currently 0% contained.
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The figure was 54% above the 21st century average.
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Cat activity was a “modest” $175mn for Q4, but still up year over year.
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Losses from the larger fire will amount to $20bn-$25bn, the modeler said.
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Disclosures show the insurer has roughly 4,300 homeowners’ policies in effect in fire-impacted zip codes.
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Most carriers paid more in homeowners’ claims than they collected in premiums.
