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CoreLogic pegs LA wildfire insured loss at $35bn to $45bn

16th January 2025

Catastrophe risk modeller CoreLogic has estimated that residential and commercial insurance industry losses for the ongoing Eaton and Palisades Fires in Los Angeles, California, will fall between $35 billion and $45 billion. With the fires in Eaton and Palisades still burning as of Thursday afternoon, CoreLogic's estimated insured loss range is ... Read the full article

State Farm reports over 6,700 claims from LA wildfires

15th January 2025

Auto and homeowners insurer State Farm has received more than 6,700 home and auto claims, as of the morning of January 14th, 2025, from damages related to the recent wildfires in Los Angeles, California. State Farm remains the largest insurer group in the State of California, serving more than 8 million ... Read the full article

LA wildfire insured losses may surpass $30bn, says Morningstar DBRS

15th January 2025

According to analysts at Morningstar DBRS, the wildfires in the Los Angeles area have caused unprecedented property damage, with insured losses potentially surpassing $30 billion, leading to a negative but manageable impact on insurers' credit profiles. The analysts noted in a recent commentary that, with more than 12,000 structures destroyed, the ... Read the full article

Twelve Capital expects insurance stocks to withstand LA wildfire losses

14th January 2025

The ongoing wildfires in Los Angeles are expected to significantly impact the 2025 financial statements, but specialist re/insurance and investment manager Twelve Capital believes that the insurance stocks in its coverage universe have sufficient solvency and earnings capacity to withstand even the highest insured loss estimates. Twelve Capital notes that these ... Read the full article

California wildfires unlikely to affect P&C re/insurer ratings: Fitch

14th January 2025

In a new report, Fitch Ratings has confirmed that even though the Los Angeles wildfires will cause insured losses considerably higher than past events, they are not likely to affect ratings of property and casualty (P&C) insurers and reinsurers. The ratings agency expects insured losses to remain within ratings sensitivities for ... Read the full article

Re/insurance industry well capitalized to absorb LA wildfire losses: KBRA

13th January 2025

While the Los Angeles wildfires are anticipated to be a major catastrophe event for the insurance industry, a new report from KBRA has highlighted that the sector is generally well capitalized to absorb the losses, although some individual carriers may be more heavily impacted than others. With industry losses from ... Read the full article

KBW estimates of insurers’ net LA wildfire losses points to reinsurance recoveries

13th January 2025

Forecasting that the ongoing Los Angeles wildfires will drive insurance and reinsurance industry losses of $20 billion, analysts at KBW have estimated net losses from the fires for numerous insurance carriers, based on individual firms' 2023 market share of exposed lines of business, suggesting reinsurance recoveries for some under their ... Read the full article

Billions in insurance losses expected from LA wildfires, Moody’s reports

13th January 2025

Wildfires currently affecting the Los Angeles area are expected to lead to significant financial losses for insurers, according to Moody's Ratings, a provider of credit ratings, research, and risk analysis. As of January 9, 2025, the Palisades and Eaton fires remain uncontained, causing property damage and evacuations. The ... Read the full article

Mercury expects LA wildfire losses to exceed reinsurance retention limit

10th January 2025

Mercury General Corporation has provided a preliminary assessment of the recent wildfires in Southern California, expecting losses to exceed its reinsurance retention level of $150 million. Since January 7, 2025, extreme wind-driven wildfires have caused widespread destruction across Southern California. The fires are ongoing, and it will take time before Mercury ... Read the full article

California wildfire unpredictability may drive insurers to reconsider risk appetite: AM Best

10th January 2025

The longer-term impact on California's insurance market from the Los Angeles County wildfires may be substantial, as insurers will further re-examine their appetites for wildfire risk as it has become highly unpredictable concerning location, intensity and seasonality, according to a new report from AM Best. The Cal Fire Authority has noted ... Read the full article

LA wildfire insured losses could exceed $20bn: J.P. Morgan

9th January 2025

The destructive wildfires engulfing Los Angeles continue to burn and with containment efforts currently yielding little success, analysts at J.P. Morgan have doubled their preliminary insured loss estimate for the event to $20 billion or more, which would make it the costliest insured wildfire loss event in California's history. As analysts ... Read the full article

US P&C insurance to see slower premium growth in 2025: Swiss Re

9th January 2025

Swiss Re, a global reinsurance company, forecasts a slowdown in US property and casualty (P&C) insurance premium growth, balanced by easing claims pressures as US Consumer Price Index (CPI) inflation is projected to average 2.5% in 2025 and 2.4% in 2026, although profitability for the sector is expected to be ... Read the full article

Analysts peg insured LA wildfire losses at up to $13bn, economic loss put at more than $52bn

9th January 2025

As wildfires continue to grow across Los Angeles County and firefighters struggle to contain the flames, equity analysts have started to comment on potential insurance industry losses, forecasting losses of between $6 billion and $13 billion, while AccuWeather has released a preliminary total economic loss of up to $57 billion. The ... Read the full article

Mercury returns to Paradise California as rebuilding efforts gain momentum

9th January 2025

Mercury Insurance has announced that it will begin writing new homeowners insurance policies in Paradise, California, becoming the first major insurer to return to the area since the devastating Camp Fire in November 2018. The Camp Wildfire became the deadliest and most destructive wildfire in California’s history after devastating the ... Read the full article

US commercial insurance composite rates up 3.75% in 2024: MarketScout

7th January 2025

The US commercial insurance sector saw a composite rate increase of 2.64% in Q4 2024, bringing the total increase for the year to 3.75%, down from 4.56% in 2023, according to a recent analysis by MarketScout. Richard Kerr, CEO of Novatae, observed that property rates are slowing due to fewer insured ... Read the full article