The Insurance Journal estimated that insured losses from California wildfires were $25.4 billion [Jan 1] through Oct. 29 [2019].
Myers agrees there’s a likelihood of a substantial under-estimation of the damages. “The insurance costs through October 29 were $25.4 billion and there were additional fires subsequently damaging roughly 17,000 acres,” he said. “So the total of insured losses is now probably closer to $40 billion and insured losses usually represent only about half of the total loss, suggesting our $80 billion estimate is accurate.”
- Dr. Joel Myers, CEO AccuWeather (Jan 14, 2020)