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Insurance Industry Losses From Wildfires Across US Estimated To Exceed $8 Billion This Year

Economic losses from the fires could top $13 billion.

Image: The Bobcat Fire, Angeles National Forest, California, Sept. 17, 2020. Source: Frederick Forestry Board

(Reuters) – Insurance and reinsurance industry losses from wildfires across U.S. states, including California, Oregon and Colorado, were estimated to be more than $8 billion, according to a monthly report on global catastrophes by Aon Plc.

Economic losses from the fires could top $13 billion, the insurance broker said here on Wednesday.

Wildfires have scorched through millions of acres in California this year, the worst fire season in state history, while crews have battled a string of wildfires in drought-stricken Colorado.

American International Group Inc, one of the largest U.S. insurers, this month reported $790 million in quarterly catastrophe losses, before tax, hurt in part by wildfires in the U.S. West Coast.

Reporting Niket Nishant by in Bengaluru; Editing by Amy Caren Daniel


Source: Reuters

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