- The state’s FAIR Plan has received 3,600 claims so far since wildfires ravaged the Los Angeles area, with potential exposure totaling nearly $5 billion across the Palisades and Eaton fire zones.
California’s insurer of last resort offered fresh details on its potential exposure and available financial resources a week and a half after wildfires devastated the Los Angeles area.
The FAIR Plan said Friday it has received 3,600 claims so far and estimated that it covers 22% of the structures in the Palisades fire, representing potential exposure of more than $4 billion. Meanwhile, about 12% of the structures in the Eaton fire are covered by FAIR, representing potential exposure of more than $775 million.
“The FAIR Plan, a not-for-profit catastrophe insurer, has the payment mechanisms in place to ensure all covered claims will be paid,” it said in a letter. “The FAIR Plan operates on a cash-in, cash-out basis, meaning its financial situation evolves daily.”…