Insurance coverage losses from U.S. West Coast wildfires to high $eight billion: Aon

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(Reuters) – Insurance and reinsurance industry losses from wildfires across U.S. states, including California, Oregon and Colorado, were estimated to be more than $8 billion, according to a monthly report on global catastrophes by Aon Plc (N:).

Economic losses from the fires could top $13 billion, the insurance broker said http://thoughtleadership.aon.com/documents/20201111_analytics-if-october-global-recap.pdf on Wednesday.

Wildfires have scorched through millions of acres in California this year, the worst fire season in state history, while crews have battled a string of wildfires in drought-stricken Colorado.

American International Group Inc (N:), one of the largest U.S. insurers, this month reported $790 million in quarterly catastrophe losses, before tax, hurt in part by wildfires in the U.S. West Coast.

(Reporting Niket Nishant by in Bengaluru; Editing by Amy Caren Daniel) OLUSECON Reuters US Online Report Economy 20201111T183239+0000

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