Insurance losses from U.S. West Coast wildfires to top $8 billion: Aon
Reuters
Published Nov 11, 2020 01:34PM ET
Updated Nov 11, 2020 01:50PM ET
(Reuters) - Insurance and reinsurance industry losses from wildfires across U.S. states, including California, Oregon and Colorado, were estimated to be more than $8 billion, according to a monthly report on global catastrophes by Aon (NYSE:AON) Plc.
Economic losses from the fires could top $13 billion, the insurance broker said http://thoughtleadership.aon.com/documents/20201111_analytics-if-october-global-recap.pdf on Wednesday.
Wildfires have scorched through millions of acres in California this year, the worst fire season in state history, while crews have battled a string of wildfires in drought-stricken Colorado.
American International Group Inc (NYSE:AIG), one of the largest U.S. insurers, this month reported $790 million in quarterly catastrophe losses, before tax, hurt in part by wildfires in the U.S. West Coast.
(Reporting Niket Nishant by in Bengaluru; Editing by Amy Caren Daniel)
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