California
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The anticipated portion ceded to reinsurance may reach the mid-to-high single-digit billions, it added. -
This will be the most expensive fire in the state’s history, it said.
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A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets.
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Sources say the Fair Plan is under-reserved, leading to the possibility of member assessment.
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The members’ agent said 2024 will still be a profitable year for Lloyd’s.
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The carrier is the largest writer of homeowners’ multi-peril in the state.
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The Palisades fire is estimated at $9bn-$12bn, while Eaton is $6bn-$8bn.
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Investigators are homing in on the likely causes of the incidents.
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The number of structures damaged may put the event on par with the fires of 2017 and 2018.
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Sources say 2025 could be as costly for wildfires as the $20bn-loss years of 2017-18.
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Total economic and insured losses are “virtually certain” to reach into the billions.
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AM Best said it expects insured losses from the California wildfires to be “significant”.
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