Travelers has released fourth quarter catastrophe loss estimates for the California wildfires, including estimated reinsurance recoveries, in the $525 million to $675 million range pre-tax.
Photo: NBC news
After tax, estimates are $340 million to $440 million.
“The toll from one of the worst wildfire events in U.S. history is devastating,” said Alan Schnitzer, Chairman and Chief Executive Officer; “lives were tragically lost, property and personal possessions were destroyed and entire communities are now forced to start over.
“Our claim professionals are on the ground, and we’ll work tirelessly with our customers to help them and their communities recover as quickly as possible,” Schnitzer said.
The company said its estimates reflect the high average replacement value of homes in the affected areas and a high incidence of total losses, including contents, other structures and additional living expenses.
Travelers estimates also reflect losses from its commercial businesses, including its Agribusiness unit.
