During November, two major wildfires struck northern and southern California causing significant property damage and a number of fatalities during a period of over two weeks. Following recent relief from rain, both fires are now 100% contained.
RMS, the catastrophe modelling company, has estimated the insured industry loss to be between USD 9.0bn and USD 13.0bn for the two fires, ‘Camp’ and ‘Woolsey’.
In northern California, the ‘Camp’ wildfire broke all records as the most damaging wildfire in California’s recorded history. This fire was finally contained on 25 November. At least 620km2 is known to have been burnt, with 14,500 structures destroyed, and 85 confirmed fatalities. RMS estimates the insured industry loss to be between USD 7.5bn and USD 10.0bn.
In southern California, the ‘Woolsey’ fire near Los Angeles has burned an area of almost 400km2, destroyed 1,500 buildings and there were three confirmed fatalities. This fire was confirmed as contained on 21 November. RMS estimates the insured industry loss to be between USD 1.5bn and USD 3.0bn.
Twelve Capital is closely monitoring the events above and will issue updates as more information becomes available.
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