Wildfire
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The utility will draw down $843mn of its own insurance to help meet settlement costs related to the Thomas and Koenigstein fires, and the 2018 Montecito mudslides. -
The vendor said about $3bn-$5bn of the loss total would come from Northern California, while between $1bn-$3bn would stem from Washington and Oregon.
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The ratings agency says 2020 is already the third-highest year for California wildfire insured losses.
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Meanwhile, in neighboring California, the largest wildfire, the August Complex, has burnt 755,603 acres of land.
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The US National Weather Service issued a critical fire weather warning for parts of Idaho, Montana, California, Nevada and Oregon on Monday.
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Record heat, dry conditions and strong winds have helped wildfires spread, Aon said.
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In California, the August Complex in Tehama County has become the largest wildfire in the state’s history.
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In Lane County, Oregon, more than 100 buildings have been lost in a forest fire that local officials warned is likely to have killed residents.
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The figure tops the 2018 high and comes ahead of the peak fire period.
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Ricardo Lara’s office says it has received “numerous complaints” from policyholders about additional living expense payments being terminated.
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An “excessive heat watch” is in effect for coastal, inland and foothill regions, Cal Fire has warned.
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Cal Fire says the SCU blaze in southern California is also 60% contained.
