Ins. losses from U.S. West Coast wildfires to top $8 bn
Saturday, 11 14 2020, Category: Insurance and Reinsurance, Country: United States
Insurance and reinsurance industry losses from wildfires across U.S. states, including California, Oregon and Colorado, were estimated to be more than $8 billion, according to a monthly report on global catastrophes by Aon Plc.
Economic losses from the fires could top $13 billion, the insurance broker said here on Wednesday.
Wildfires have scorched through millions of acres in California this year, the worst fire season in state history, while crews have battled a string of wildfires in drought-stricken Colorado.
American International Group Inc, one of the largest U.S. insurers, this month reported $790 million in quarterly catastrophe losses, before tax, hurt in part by wildfires in the U.S. West Coast.