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Nationwide reports expected $1.1 billion loss from October California wildfire claims

Firefighters drive through the Coffey Park area of Santa Rosa, Calif., looking for hotspots on Tuesday, Oct. 10, 2017. An onslaught of wildfires across a wide swath of Northern California broke out almost simultaneously then grew exponentially, swallowing up properties from wineries to trailer parks and tearing through both tiny rural towns and urban subdivisions. (AP Photo/Ben Margot)

Nationwide Insurance says they expect to a record $1.1 billion loss from insurance payouts to those affected by wildfires in California this past October.

The insurance company's communications office said they have received over 2,300 claims as a result of the Northern California wildfires.

"We’ve reported to regulators and rating agency partners that we expect losses on a net basis (after reinsurance) to approach $1.1 billion for these events given the high average insured value of the structures and the large number of total losses," said Associate Vice President of Public Relations Joe Case.

Case said despite the high monetary value of the claims, Nationwide's capital position remains strong and stable.

"We hold excess capital and utilize reinsurance to ensure we are well-prepared for these types of events," said Case.

He said the company also has significant operating profits from other lines of business that will help offset these claims payouts.

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