Preliminary data show insurance companies have paid out more than $4 billion for losses from the biggest two of the Los Angeles-area wildfires that swept through the region and destroyed tens of thousands of homes earlier this month.
This week the picture of just how destructive the L.A. wildfires were is coming into focus now that claims professionals have been able to gain some access to the affected areas.
Claims figures from insurers released by the California Department of Insurance on Jan. 30 show that 31,210 claims have been filed for home, business, living expenses and other disaster-related needs. According to CDI, $4.2 billion in claims have been paid.
The figures, which are for the Palisades and Eaton fires, are likely to rise. At this point they look to be heading up toward early estimates from modelers that have come out in recent weeks pegging insured losses at between $8 billion and $40 billion.
State Farm, the state’s top homeowners insurer, this week said it has paid nearly 10,000 claims worth roughly $500 million from home and auto damage.
“As of Tuesday (Jan. 28), we’ve received over 10,200 total home and auto claims and have already put well over a half a billion dollars back into customers