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by : Alpha Insurance Analysts

Risk modeling firm AIR Worldwide has estimated total insured losses from the recent Freeway Complex, Sayre and Tea Fires in Southern California will range between $600m and $800m. These estimates include damage to or destruction of primary structures, their contents, and estimated additional living expenses for residential policies or business interruption for commercial properties. A local insurance company, First American, believes that the ultimate cost could be as high as $1 billion.

Dying winds and mild temperatures helped firefighters control the wildfires that began raging across southern California last weekend. By 20 November, two of the three fires were fully contained and the third, already reduced to a slow-moving, smoldering ground fire, is 95% contained.