Northern California experienced a lot of wildfires in 2017. As a result, the California Department of Insurance stated that insurers might be discouraged from issuing new policies to the affected areas.
The total amount of insured losses equated to about $3.3 billion. This is a huge number that includes claims for insured losses on businesses, residences, and vehicles.
Dave Jones, the state insurance commissioner, told reporters that those behind the $3.3 billion worth of insurance losses claims are just ordinary people. According to him, tens of thousands of people lost a lot due to the deadliest and most costly wildfires in the state.
He also said that because of the huge amount of devastation, insurers could reconsider providing insurance to areas once considered at low risk of wildfires. Jones explained that insurers could change their models of risk when it comes to these costly wildfires. It may mean that insurers may sometimes write less insurance in places usually viewed as locations that have lower risk.
Jones stated that Sonoma County’s insured losses for residential properties topped more than $2.6 billion. He also hinted that this number would probably increase after adjusters processed an increasing number of claims.
In Napa Country, losses of residential properties exceeded $266 million. Commercial losses, on the other hand, were more than $3.2 million. Mendocino County experienced residential losses of over $115 million. Yuba and Lake Counties experienced more than $48.5 million in residential losses each.
The numbers stated in these claims are based on actual filed claims with various insurance companies. These are not estimates, but rather actual numbers claimed in insured losses. Reports on CNBC claimed that the wildfires spread to at least eight counties in Northern California.
There was a total of $3.1 billion in residential insured losses causes by the wildfires. There were approximately $137 million in commercial losses. Agriculture or farm losses were over $4.5 million, while automotive losses exceed $28 million. Most farm or agricultural losses were found in Napa and Sonoma County.
The fires devastated 728 businesses, 14,700 residences, and 3,600 vehicles. The vehicles included commercial vehicles, watercraft, farm equipment, and private cars. At least 43 people were found dead due to the wildfire. According to CNBC, these deaths included a firefighter