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. AM Best also noted that the magnitude of insured losses from the event will depend on the amount of coverage secured by the affected home and business owners. In addition, AM Best’s report also highlighted that, as expected, insurance companies whose property portfolios are concentrated in Washington will likely feel the effects of wildfire losses the most. Adding: “Like California, the assessment rules are that property insurers in the state are assessed based on the share of property insurance premiums they write in the state.” It seems less likely, at current damage levels, to be an event of any concern for per-occurrence catastrophe bond structures.