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Guy Carpenter said personal-lines exposure would account for 85% of the aggregate loss. -
The industry loss number has increased threefold from an initial $5bn pick.
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The total includes fire and smoke damage plus living expenses for evacuees.
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The fire started Wednesday morning and is currently 0% contained.
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Losses from the larger fire will amount to $20bn-$25bn, the modeller said.
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Disclosures show the insurer has roughly 4,300 homeowners’ policies in effect in fire-impacted zip codes.
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The broker said disaster data can attract more risk capital.
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The pool services a number of public authorities in California.
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Severe convective storms accounted for 41% of last year’s insured loss load.
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The carrier can claim separately for the Palisades and Eaton fires if necessary.
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The carrier has received more than 3,600 claims from LA wildfires.
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There are many unknown factors including insurance gaps, high-value property and damage to critical infrastructure.
