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25 February 2018

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Nationwide runs up $1.3bn California wildfire loss

Catrin Shi 6 December 2017

Nationwide is expecting a gross loss of more than $1.3bn from the Californian wildfires which tore through the state in October, sister publication Trading Risk revealed earlier today.

The mutual is expecting a $1.2bn gross loss from the Tubbs wildfire, while the Atlas and Mendocino fires are expected to generate losses of $101mn and $50mn, respectively.

The aggregate number is substantially higher than the $800mn+ estimate Nationwide gave to its reinsurers as soft guidance, as previously reported by this publication...

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