The Camp and Woolsey Wildfires in California Cause Devastating Losses Between $15 Billion and $19 Billion According to CoreLogic
IRVINE, Calif.--(BUSINESS WIRE)--Nov 27, 2018--CoreLogic ® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today announced updated residential and commercial loss estimates for the recent catastrophic wildfires in California. According to this new data analysis, total losses from the Camp Fire, the most destructive wildfire in the state’s history, are estimated to be between $11 billion and $13 billion. Total losses from the Woolsey Fire in Southern California are estimated to be an additional $4 billion to $6 billion.
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The following numbers have been refined in accordance with the latest post-containment perimeter of both the Camp and Woolsey Fires. This analysis of both residential and commercial properties accounts for building, content, and Additional Living Expenses (ALE), and the estimated losses include fire, smoke, demand surge and debris removal. Fire is covered under a standard homeowners’ policy, so the majority of homeowners are likely to have some protection from the financial challenges surrounding recovery.
“These wildfires have been a personal and financial tragedy for many families,” Tom Larsen, principal, Industry Solutions said. “The proper estimation of the value of a home is critical because often in situations of wildfire, the home is completely lost. A deficient valuation can lead to a situation where homeowners have inadequate funding to replace their home.”
CoreLogic continues to research the underinsurance and post-catastrophic inflation associated with these devastating wildfires and the impact on homeowners in our post-catastrophe webinar on December 11 at 9:30 AM PST, “2018 California Wildfires: The Story Unfolds,” which you can register for here.
Please visit the CoreLogic natural hazard risk information center, Hazard HQ ™, at www.hazardhq.com to get access to the most up-to-date wildfire data and see reports from previous catastrophes.
The U.S. Wildfire Model from CoreLogic, a probabilistic loss model designed to estimate damage and insured losses due to brushfire breakout in the U.S., includes robust hazard definition, comprehensive agents of damage, local vulnerability functions, variable import resolution, detailed financial modeling, flexible reporting, and has undergone extensive expert review. Both burn and smoke damage are accounted for, and more than 3.3 million stochastic events are incorporated. Model terrain and environmental data is at a resolution of 30m x 30m. The following states are included in the model: Arizona, California, Colorado, Florida, Idaho, Montana, New Mexico, Nevada, Oklahoma, Oregon, Texas, Utah, Washington and Wyoming.
The data provided are for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be resold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data is illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Alyson Austin at firstname.lastname@example.org or Caitlin New at email@example.com. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.
CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
CORELOGIC, the CoreLogic logo and Hazard HQ are trademarks of CoreLogic, Inc. and/or its subsidiaries.
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KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE
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