TUESDAY, DECEMBER 11, 2018
Camp and Woolsey Wildfires 2018
11/30/2018 10:30:00 AM
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Update 212/6/2018 9:00:00 AM 
Update 111/30/2018 10:30:00 AM 
First Posting 11/14/2018 12:30:00 PM 
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Posting Date: 11/30/2018 10:30:00 AM

AIR Estimates Losses for the Woolsey Wildfire

AIR Worldwide estimates that industry insured losses from the Woolsey Fire in Southern California will be at least USD 2.5 billion.

ALERT™ subscribers can download Touchstone®-ready raster file of the Woolsey fire burn scar and a list of impacted ZIP Codes from the Downloads tab.

AIR’s loss estimate explicitly captures residential, mobile home, commercial, and automobile losses, as well as direct business interruption losses. The loss estimate was derived utilizing the AIR Wildfire Model for the United States and are based on exposures as of the end of 2017.

Note that AIR’s estimate of insured losses is based on the assumption of nearly 100% take-up rates. The fact that damage from fire, including wildfire, is included in standard homeowners’ policies in California informs that assumption. Please note that total economic losses are expected to be higher than the industry insured loss estimate. Industry insured losses from the Woolsey Fire could be higher than USD 2.5 billion due to uncertainty in the payment of additional living expenses resulting from mandatory evacuations, loss of some individual structures outside of the most affected neighborhoods, as well as widespread but lower levels of loss due to smoke, loss of electricity, and damage from suppression efforts.

AIR’s modeled insured loss estimate includes:

  • Insured physical damage to property (residential, mobile home, and commercial), both structures and their contents, and auto
  • Direct business interruption losses

 AIR's modeled insured loss estimate does not include:

  • Losses to uninsured properties
  • Losses to land
  • Losses to infrastructure
  • Losses from indirect and contingent business interruption
  • Loss adjustment expenses
  • Demand surge—the increase in costs of materials, services, and labor due to increased demand following a catastrophic event

Woolsey Fire Recap (Los Angeles and Ventura Counties, Southern California)

This vegetation fire ignited on November 8 south of Simi Valley in the southeastern corner of Ventura County and spread quickly due to Santa Ana winds and low humidity, as well as challenging suppression factors including steep terrain, limited access, and extreme fire behavior. Full containment was achieved on November 22. The cause of the Woolsey Fire is still under investigation, according to the final update issued by Los Angeles County Fire Department on November 25. In total, the Woolsey Fire burned through 96,949 acres and 1,643 structures; another 364 structures were damaged and six deaths have been reported (three civilian and three firefighter).

 

Camp and Woolsey Wildfires 2018
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