LA wildfires projected to cause up to $45B in insured losses: CoreLogic

The Eaton and Pacific Palisades fires in Los Angeles will likely cause between $35 billion and $45 billion in insured losses, according to a preliminary estimate released Thursday by catastrophe modeling company CoreLogic.

The estimate of the losses from the fires, which were 50% contained on Thursday, includes commercial and personal lines, and damage related to fire, smoke, demand surge, debris removal, cleanup and additional living expenses, CoreLogic said in a statement.

“The majority of losses are to residential properties. Many of the potentially impacted properties are high-value homes, so even moderate damage from the fires or smoke could result in costly claims,” the statement said.

The overall wildfire loss will likely be the largest in California ’s history, the statement said.