Some of the most destructive wildfires in history occurred in 2018, and homes in wildfire-prone areas are still at risk. CoreLogic recently hosted a webinar titled “Wildfire: Low Risk Doesn't Mean No Risk” to discuss wildfire risk and mitigation practices. Tom Jeffery, Principal, Science and Analytics at CoreLogic, noted how recent wildfires stack up against the past.
According to Jeffery, there is a concerning trend towards larger and more destructive fires, as well as a rising cost of managing these fires.
“The Federal cost of wildfire suppression has gone from $1 billion in 2000 to $2 billion in 2015, and now $3 billion as of 2018 last year,” he said.
It isn’t just California, either. According to CoreLogic, Colorado has also seen its most destructive wildfires in the last 10 years. According to Jessica Marose, Professional Product Management, wildfires are the most expensive to insure by claim.
According to analysis by CoreLogic, the Camp and Woolsey fires left behind a trail of losses between $15 billion and $19 billion after being contained in late November 2018. The analysis recorded a total loss in the range of $11 billion and $13 billion from the Camp Fire, the most destructive wildfire in the state’s history. Additionally, estimated losses from Woolsey Fire in Southern California are estimated to be between $4 billion to $6 billion. Residential and commercial properties account for building, content, and additional living expenses. The estimated losses include damage caused by fire, smoke, demand surge and debris removal.The residential loss from the Camp fire alone is between $8 billion to $9 billion. Woolsey fires ravaged infrastructure worth $3.5 to $5.5 billion in the residential space and $0.5 billion in commercial losses.
Since the 2018 Camp Fire, approximately 90% of impacted properties, or 9,276, have been cleared, and 4,784 have been certified clean, while just 2 homes have been rebuilt.