California Wildfire Most Destructive Ever, Multi-Billion Losses Expected

The current outbreak of wildfire activity in California is now the most destructive on record and joint deadliest, with the Camp Fire now having destroyed more than 6,700 structures, while the Woolsey Fire has expanded further and as a result multi-billion dollar losses are to be expected for insurance, reinsurance and ILS market interests. The Camp, Woolsey and also Hill wildfires have all expanded significantly over the weekend, fanned by strong Santa Ana winds and tinder dry conditions. The Santa Ana wind conditions are expected to continue through the start of this week and fire weather in the region remains critical. The full extent of the devastating impact from the Camp Fire on the town of Paradise, California is now clear, with the town largely burned as 6,453 homes and 260 commercial properties have been completely destroyed.