Wildfires loss estimate $1bn

By Richard Banks, Hamilton

INSURANCE costs from the wildfires in southern California will be around the $1bn mark, according to initial estimates from catastrophe-modelling firm Eqecat, writes Richard Banks, Hamilton. But speaking from San Diego, one of the areas affected by the fires, Eqecat president Richard Clinton told Insurance Day that there was a potential for the cost to go even higher. He said: "Right now we’re doing a back-of-an-envelope scientific analysis and we’re looking at a $750m to $1bn range for insurance losses."