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A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets. -
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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Losses are likely to fall within syndicates’ loss budgets, it said.
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CEO Cerio highlighted changes that allowed the insurer of last resort to combine commercial, coastal and personal lines.
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High-net-worth binders and treaty exposures will bring significant claims to Lloyd’s writers.
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The 2024 loss figure exceeded that of the previous record of C$6.2bn in 2016.
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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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The company’s stock price has plummeted in the wake of the LA wildfires.
