host posted on November 22, 2007 22:55
"Nov. 21 (Bloomberg) -- Insurers led by Farmers Insurance Group reported a combined total of more than 24,000 claims from the wildfires and hurricane-force winds that struck southern California last month. Farmers, a unit of Zurich Financial Services AG, has 7,300 residential claims, spokesman Jerry Davies said. Policyholder-owned State Farm Mutual Insurance Co., the largest home insurer in California, had 5,497, including more than 400 from homes declared uninhabitable, spokesman Fraser Engerman said today. Insurers may pay between $900 million and $1.6 billion to compensate policyholders, according to an estimate from Risk Management Solutions, a catastrophe modeling firm based in Newark, California. The fire caused as many as 1 million people to flee their homes in the largest evacuation in California's history."
Click here to read the full article from Bloomberg.com.
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