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Insurance company reports $46 million in Woolsey Fire losses

Posted: 7:31 PM, Nov 27, 2018
Updated: 2018-11-28 03:31:57Z
Woolsey Fire a challenge due to Santa Ana winds

LOS ANGELES (CNS) - Mercury Insurance estimated its losses at $46 million from the Woolsey Fire in Los Angeles and Ventura counties, the company announced Tuesday.

The loss amount, which will be recorded in the fourth quarter of 2018, represents Mercury General Corp.'s best estimate based on the information available, and could change as new information, including any late reporting of claims, becomes available.

The company is party to a Catastrophe Reinsurance Treaty covering a wide range of perils effective through June 30. For the 12 months prior to that
date, the treaty provides $205 million of coverage on a per occurrence basis after covered catastrophe losses exceed the $10 million company retention
limit, Mercury said.

Malibu residents whose properties were still standing were back in their homes Monday after being evacuated from the Woolsey Fire.

The fire erupted Nov. 8 in Ventura County and quickly spread into Los Angeles County, charring 96,949 acres, destroying 1,643 structures in both counties and damaging 364 others, with damage assessments completed.

Three civilians were killed and three firefighters were injured. The fire was 100 percent contained on Nov. 21.