California: Fire Costs Flare

As the flames in Southern California continue to spread, insurers predict this will be one of the most expensive blazes on record

The wildfires raging across Southern California are on track to become one of the most expensive fire events in U.S. history. On Oct. 23 the Insurance Information Institute estimated that insured damages from the blaze would reach at least $500 million, including damaged homes, lost business activity, and expenses for the hundreds of thousands of people who have been displaced. "Those are the insured losses," says Robert Hartwig, the institute's president. "The actual economic losses will be higher."

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