AM Best and reinsurance broker Gallagher Re have suggested that the areas in and around Spokane, Washington will suffer considerable insured losses from the ongoing wildfires, with Gallagher Re indicating that it has the potential to be a billion-dollar insured loss event, and could become the costliest insured wildfire event in Washington’s history.
For context, three major wildfires, together called the Complex Fire, to date have burned over 10,000 acres, destroying more than 700 homes and forcing the evacuation of approximately 65,000 people.
In its report, rating agency AM Best said: “At its current damage level, the losses do not appear to be in the same order of magnitude as the 2025 California wildfires and likely will have minimal impact on the current softening prices in the reinsurance market; however, there could be a reassessment in localized areas and where reinsurers feel they have to re-evaluate some of their models.”
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