Gallagher Re said it could become the costliest insured wildfire event in Washington’s history
Washington wildfires could be $1bn+ insured loss
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Spokane, Washington wildfires could become a billion-dollar insured loss event
 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.
Data from AM Best shows several major catastrophe bond sponsors with meaningful exposure in Washington, including State Farm, Allstate, USAA, and Travelers. Consequently, depending on the severity of total insured losses and impacts to any cat bond sponsors, these wildfire events could drive some erosion of retention layers underneath any aggregate catastrophe bonds that are exposed to these events.
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