Reinsurer RenaissanceRe has announced that losses from the October wildfires in California will have an estimated negative net impact of US$90 million.
The wildfires, which began in early October, have caused massive and widespread damage to personal and commercial properties in various areas in Northern California, with total losses exceeding US$3 billion. Local media reported at least 44 fatalities.
Net negative impact includes the sum of estimates of net claims and claim expenses incurred, as well as other factors such as lost profit commissions. According to RenaissanceRe, the actual net negative impact may vary from its estimates, and will be published in its fourth quarter results.
“This catastrophe once again highlights the critical role that the insurance and reinsurance industry plays in protecting people and rebuilding communities in the wake of natural disasters,” said Kevin O’Donnell, CEO of RenaissanceRe. “As we have demonstrated consistently in the past, we stand ready to serve our customers in responding to the losses and promptly paying claims.”
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