Estimates Now at $1 Billion in So CA Insured Fire Losses
EQECAT, catastrophe modling company, announced on Wednesday that insured losses from Southern California’s fires have now exceeded $1 billion.
The losses will continue to accumulate until the Santa Ana winds die down and firefighters can contain the fires, EQECAT said.
Although weeather reports called for calmer winds Wednesday, a spokesman for California’s Office of Emergency Services said it’s a “give and take,” with the winds calming along some of the 18 major fires burning in seven California counties. On other fire lines, however, the winds are not cooperating.
As of Wednesday about 1,500 homes have been been destroyed and another 521 damaged, the OES said, while more than 100 commercial buildings had been destroyed and another 80 damaged.
Insurance industry observers in San Diego said they expect most property damage to be limited to small establishments.
One million residents in San Diego were evacuated from their homes.
It's estimated that 500,000 acres have burned, and nearly 9,000 firefighters are battling the blazes, the OES said. More than 320,000 residents are under mandatory evacuations, the OES said, and thousands more have left their homes voluntarily.
Published on October 25, 2007
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