Malibu Losses Are $1.6 Billion, Statewide $9 Billion
Written by 991KBU on December 13, 2018
The insured losses from the conflagrations that consumed thousands of acres in California last month and killed more than 80 people already total 9 billion dollars … and 1 point 6 billion dollars of that was just in Malibu.
California Insurance Commissioner Dave Jones released the statewide figures yesterday.
About $8.36 billion in damages come from 28,519 claims for damaged or destroyed residential personal property.
There is an additional half billion plus in claims for damaged commercial property.
And 124 million dollars for other assets, including automobile losses.
The deadly Camp fire in northern California has inflicted about 7 billion dollars in damages … and that might be a crippling blow into bankruptcy for P G and E … the big electric utility up there that likely caused the fire through negligence.
The Woolsey and Hill fires in Los Angeles and Ventura counties have seen about $2 billion.
Southern California Edison equipment likely caused the Woolsey Fire … no indication yet on the Hill fire.
On top of the 2 billion dollars damages from this fall’s fires … Edison is likely also on the hook for 4 billion dollars form last years’s Thomas Fire …. which killed 23 people and caused 4 billion in damage.
