California wildfires estimated to cost up to 13 Billion in insured losses

Srinagar: The insured property and auto losses from wildfires in the US state of California will amount to up to 13 billion dollars, risk modeling and analytics firm RMS said in a press release.

“The insured loss for the Camp and Woolsey wildfires in California will be between USD $9 and $13 billion ($7.5-$10 billion for Camp; $1.5-$3 billion for Woolsey),” the release said on Monday.

The Camp and Woolsey wildfires, named after their places of origin, are among 15 wildfires that broke out in California this November.

The company estimates that Camp and Woolsey wildfires cumulatively burned nearly 250,000 acres and destroyed more than 12,000 homes and businesses.

The official death toll from the fires stands at 77 people as of Monday, with hundreds of people unaccounted for.
RMS is an analytics firm that helps companies evaluate and manage catastrophe risks throughout the world, according to its website. 

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