AIR estimates Woolsey wildfire losses

Risk modeller AIR Worldwide has predicted at least $2.5bn in losses from the wildfire in Southern California. The Woolsey Fire is the smaller of the two wildfires that ravaged California last month. The fire affected the areas north of Los Angeles. The estimate is of insured losses and based on the assumption of nearly 100% take-up rates, the modeller said in its statement. “The fact that damage from fire, including wildfire, is included in standard homeowners' policies in California informs that assumption,” AIR added.

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