California Wildfires to Be One of 'Costliest Insured Catastrophes in History'
* Insurers face "significant loss" of up to $100 billion due to devastating wildfires.
* Conduit Re, an insurance company that reinsures other insurers, estimates losses between $100 million and $140 million.
* Fires have burned over 1 million acres, destroying 16,000 buildings in California, including Malibu, where average home prices exceed $5.5 million.
* The industry as a whole paid out $140 billion in claims in 2024.
* Conduit Re CEO Trevor Carvey warns of "a significant loss for the industry" from the wildfires.
* Hurricane Katrina remains the most expensive insured catastrophe in history, with $65 billion in payouts (equivalent to $100 billion today).
* Hurricane Ian, which hit Florida in 2022, is also among the costliest insured disasters.