California wildfire loss totals grow among insurance companies
Nationwide has already revealed that it expects to face a loss greater than $1.3 billion from the state’s fires.
Nationwide Insurance has announced that it predicts its California wildfire loss will be more than $1.3 billion. Blazes ripped through the state in October and another sparked near Los Angeles, forcing evacuations in Ventura County as the fires reach the Pacific Ocean.
The Tubbs wildfire alone generated a loss of what is expected to be about $1.2 billion, with other fires adding.
That California wildfire loss only grew with the Atlas fire, which is expected to create a loss of about $101 million, and the Mendocino fire, which should have losses of around $50 million. That total doesn’t yet include the most recent blaze making its way through thousands of buildings, and it represents only the totals from Nationwide and not other insurers.
The insurance company had originally predicted that the losses would come to around $800 million. Clearly they have risen well beyond that point.
The California wildfire loss is certain to grow with this most recent fire burning out of control in the state.
Officials have already warned that many Ventura County homes have already been lost. The fire is moving extremely quickly as winds drive it further. It passed Highway 33 on Tuesday before making its way across the 101 Freeway into Solimar Beach. It reached the Pacific Ocean on Wednesday.
On Wednesday, local fire officials announced that their main priority would be shifting to stop the wildfire from making its way into the Ojai Valley. By the time it reached the Pacific, it had already consumed a massive 65,500 acres.
Governor Jerry Brown declared a state of emergency as thousands of homes remain threatened by this wildfire. Approximately 27,000 people have been forced to evacuate. There are about 1,100 firefighters currently battling the fires, one of whom has already been injured.
So far, the California wildfire losses are focused on at least 150 structures that have already burned to the ground. This includes the Vista Del Mar Hospital psychiatric facility as well as a large apartment complex. Firefighters have yet to be able to reach the worst areas and believe that the total of burned structures will likely grow by several hundred more once they can take an official count.