CA Wildfire Claims Update

This week marks the six-month anniversary of the October 2007 California fire and wind storms (see our Oct 24, 2007 posting) and we’re pleased to report that a new survey of insurers estimates that nearly 90 percent of claims stemming from the event have been settled. A poll by the Insurance Information Network of California (IINC) of companies representing nearly two-thirds of the California’s homeowners market found that 29,954 of their 33,789 residential claims have been settled. To date, those claims have resulted in more than $1.27 billion in claims settlements among the surveyed companies, a total which is ultimately expected to reach $1.47 billion. By comparison, roughly 86 percent of claims from the 2003 wildfires had been settled by April 2004, according to a previous IINC survey. The survey tallied brushfire and wind-related homeowners insurance claims settled. Check out further I.I.I. wildfire statistics.  

Leave a Reply

Your email address will not be published. Required fields are marked *