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Southern California wildfires lead to massive insured losses, estimated up to USD40B
(MENAFN) The catastrophic wildfires that have ravaged Southern California over the past week could result in insured losses surpassing $30 billion, according to a detailed analysis.
The fires, which have devastated the greater Los Angeles area, have led to the loss of at least 24 lives. Officials have also reported that approximately 12,000 structures have been damaged or completely destroyed in the infernos.
In a report released on Sunday, financial analysts at Wells Fargo Securities outlined their "base case" estimate of USD30 billion in insured losses due to the wildfires, with total losses potentially falling within a range of USD20 billion to USD40 billion.
The analysis found that homeowners' insurance policies are expected to account for 85 percent of the losses, reflecting the high proportion of residential properties impacted. An additional 13.5 percent of losses are attributed to commercial properties, while personal auto insurance represents 1.5 percent of the total.
The report also noted that the areas most affected by the wildfires feature average property values of approximately USD3 million, further contributing to the scale of the financial impact.
These staggering estimates underline the devastating economic consequences of the wildfires, alongside their tragic human toll.
The fires, which have devastated the greater Los Angeles area, have led to the loss of at least 24 lives. Officials have also reported that approximately 12,000 structures have been damaged or completely destroyed in the infernos.
In a report released on Sunday, financial analysts at Wells Fargo Securities outlined their "base case" estimate of USD30 billion in insured losses due to the wildfires, with total losses potentially falling within a range of USD20 billion to USD40 billion.
The analysis found that homeowners' insurance policies are expected to account for 85 percent of the losses, reflecting the high proportion of residential properties impacted. An additional 13.5 percent of losses are attributed to commercial properties, while personal auto insurance represents 1.5 percent of the total.
The report also noted that the areas most affected by the wildfires feature average property values of approximately USD3 million, further contributing to the scale of the financial impact.
These staggering estimates underline the devastating economic consequences of the wildfires, alongside their tragic human toll.
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