The Camp and Woolsey wildfires, named after their places of origin, are among 15 wildfires that broke out in California this November. The official death toll from the fires stands at 77 people as of Monday, with hundreds of people unaccounted for.
"The insured loss for the Camp and Woolsey wildfires in California will be between USD $9 and $13 billion ($7.5-$10 billion for Camp; $1.5-$3 billion for Woolsey)," the release said on Monday. RMS is an analytics firm that helps companies evaluate and manage catastrophe risks throughout the world, according to its website.
California has been struggling with several huge fires, which have already destroyed hundreds of structures, since last week. One of the blazes, the so-called Camp Fire, has been dubbed by many as the most destructive fire in the state’s history.
According to the US-based media reports, local residents blame the fires on a local power supply company due to its alleged failure to properly maintain power lines.