It’s far too early to assess the total monetary damages caused by the San Diego wildfires, say several insurance executives, but the industry’s trade association, the Insurance Information Network, released a report Oct. 23 that put the early estimate at $500 million , at least.
As of 2 p.m. surveys of insurance companies found that 1,760 claims were already filed.
“We’re not done with these very unpredictable fires, which will clearly cost hundreds of millions of dollars, and are likely to reach at least $500 million in insured losses,” said Candysee Miller, IIN’s executive director.
Farmers Insurance Group of Cos. received more than 1,000 claims alone from customers affected by 12 different wildfires from Los Angeles to San Diego, according to a company representative.
Farmers set up a mobile catastrophe claims center bus at Qualcomm Stadium that contains its own electric power system and satellite telephone network, along with the ability to process as many as 70 claims at one time.
, Mike Allen