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25 April 2018

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PCS loss figure for October fires surpasses $10bn

Adam McNestrie, Fiona Robertson 12 January 2018

PCS has released an updated loss number of $10.4bn for the wildfires that hit California in October - up 42 percent from its initial figure of $7.3bn, The Insurance Insider can reveal.

Market sources have previously pointed to expected insured losses of around $10bn.

The $10.4bn figure, which does not comprise loss adjustment expenses and some portions of losses picked up in the marine market, suggests that the overall insured loss has deteriorated meaningfully.

The Tubbs fire was the largest...

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