California wildfire cost estimated at up to US$13 billion
Most destructive and deadliest fire in the state's history still threatens nearly 15,000 structures
The US west coast is still reeling from the worst wildfire in California’s history, which has ravaged more than 60,000 hectares, burning through nearly 15,500 structures, according to the latest data from the California Department of Forestry and Fire Protection.
The fire still threatens around 14,500 structures, despite being 65% under control.
The death toll of the disaster has reached nearly 80 people, with more than 1,000 still unaccounted for.
The total property destruction of the most recent series of fires in the state is expected to exceed the combined costs of several outbreaks in 2017, according to Reinsurance News.
While preliminary estimates from Credit Suisse, Moody’s and Morgan Stanley put insured losses at anywhere between $5 billion and $10 billion, catastrophic risk modeler CoreLogic puts the current estimated reconstruction cost at nearly $9 billion.
Modeling firm RMS puts the estimate at $9 billion to $13 billion, according to the Financial Times.