Exclusive: Nationwide expects $1.1 billion net loss because of California wildfires

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Nationwide Insurance has received more than 2,300 claims tied to the horrific California wildfires. The company told me today that it has paid out $1.4 billion in total claims to policyholders in October and November, when the fires raged in northern California. Nationwide has reported to regulators and rating agencies that it expects a net loss of $1.1 billion after reinsurance, because of "high average insured value of the structures and the large number of total losses." The numbers are current…
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