Estimates omit vineyards and wineries due to uncertainty
California wildfire losses could reach the $10.5bn mark, according to AIR Worldwide estimates.
The estimate – from $8bn to $10.5bn – represents losses due to damage to residential, commercial, motor, and business interruption.
Allstate has already posted pretax cat losses of $516m for the California wildfires.
There is still a question mark over vineyard and wineries losses.
According to AIR: “It may be that the value of the equipment, machinery, and inventory at the wineries may exceed the contents values contemplated in AIR’s Industry Exposure Database.”