California wildfires could exceed $10.5bn in losses

California wildfire losses could reach the $10.5bn mark, according to AIR Worldwide estimates.

The estimate – from $8bn to $10.5bn – represents losses due to damage to residential, commercial, motor, and business interruption.

Allstate has already posted pretax cat losses of $516m for the California wildfires.

There is still a question mark over vineyard and wineries losses.

According to AIR: “It may be that the value of the equipment, machinery, and inventory at the wineries may exceed the contents values contemplated in AIR’s Industry Exposure Database.”