Wildfire

The agency put insured property values in the burn footprint at $2.5bn to $4bn, which marks an uptick compared to Moody’s estimate from last week, when the agency pegged insured losses at around $1bn.

Homeowners’ and commercial insurance policies typically exclude floods, mudslides, debris flow and other similar disasters unless directly or indirectly caused by a recent wildfire.

"Finally we feel things are moving forward," says West Kelowna fire chief Jason Brolund.

The development in reconstruction costs and contingent BI claims may put the ultimate sum beyond current estimates.

The latest estimates peg the fires as the second largest loss event in the state’s history, second only to Hurricane Iniki in 1992.

Primary writers of homeowners and commercial property are exposed, while reinsurers could face wildfire losses.

The modelling agent estimated that the total number of buildings within the fire perimeter is approximately 3,500.

Tens of thousands of people have been evacuated from the island, and nearly 14,000 Maui residents remain without power.

The broker said the risk from wildfire is also set to increase substantially.

Compelling rates are on offer for markets willing to write wildfire risk in the sunshine state.

The comment comes after major US carriers pulled back from new business in wildfire-prone California.

The multi-peril bond will cover all 50 US states and the District of Columbia.