The Camp fire in Northern California was the costliest single natural disaster in the world for insurers last year, resulting in $12.5 billion in covered losses, and was the most destructive wildfire ever, according to a new report by a German reinsurance firm.
The Camp fire resulted in a record $16.5 billion in total losses, according to the firm, Munich RE.
On a global level, 2018 was the fourth-costliest year for insurance companies since 1980, with $80 billion in covered losses. Massive California wildfires — specifically the Carr, Camp and Woolsey blazes — were major contributors to that total, according to Munich RE. Another $80 billion in losses weren’t insured, the company said.
Last year was still less costly than 2017, when hurricanes Harvey, Irma and Maria led to losses of $340 billion, including $138 billion in covered losses.
Together, 15 major wildfires last year in California, which took more than 100 lives, cost U.S. insurance companies $24 billion, of which $18 billion was insured, Munich RE said.
The Woolsey fire, at $4 billion in insured losses, was the second-costliest wildfire and the fifth-costliest natural disaster in the world, the report showed.