Matthew Lerner

11/14/2018 10:22:00 AM

Source: Business Insurance

Insured wildfire losses in California could be approaching record levels, according to a briefing Wednesday from A.M. Best Co. Inc.

The number of acres burned in 2018 is already nearly double the 2017 total, according to the California Department of Forestry and Fire Protection, and insured losses stemming from the Northern California Carr Fire earlier this year could reach $2.0 billion, Oldwick, New Jersey-based Best said in the briefing.

The Camp Fire in Butte County has now burned 130,000 acres and is 35% contained, while the Woolsey Fire in Ventura and Los Angeles counties has burned 97,620 acres and is 47% contained, according to the most recent data available on the Cal Fire website Wednesday.

Best noted that it is early but warned losses could be historic.