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Camp Fire Named World's Costliest Natural Disaster of 2018

Insurers estimate $16.5 billion in total losses, about $12.5 billion of which were covered by insurance.

Posted: Jan 10, 2019 12:15 PM

BUTTE COUNTY, Calif. — The Camp Fire is now considered the world's costliest natural disaster of 2018, according to a yearly natural catastrophe report issued by German insurance giant Munich Re.

The Camp Fire claimed the lives of 86 people, destroying more than 12,000 homes, apartments or mobile homes. The fire burned in excess of 150,000 acres in and around the communities of Paradise, Magalia, and Concow.

"Such massive wildfires appear to be occurring more frequently as a result of climate change. Action is urgently needed on building codes and land use to help prevent losses," said Torsten Jeworrek, a member of the Board at Munich Re.

Munich Re says the total financial loss was $16.5 billion. An estimated $12.5 billion of those losses were covered by insurance. Hurricane Michael, which devastated parts of the Florida panhandle, was the second costliest natural disaster at $16 billion.

The company estimates a total of $160 billion from natural catastrophes across the world during 2018.

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