Preliminary estimates put insured losses from the Pacific Palisades fire at around $10 billion. Total losses for Los Angeles are projected to be between $20 billion and $150 billion.
JPMorgan analysts have doubled their insured loss forecast to more than $20 billion, while Wells Fargo expects the total economic damage from the disaster to be well over $60 billion. According to preliminary estimates from AccuWeather, the fires have caused total damages of between $135 billion and $150 billion, and this figure could increase significantly as the fires spread, Investopedia reports.
Insurance stocks fell on Friday, January 10, due to billions of dollars in pending compensation payments: Mercury General (MCY) fell 22%, Travelers Companies (TRV) – 4%, Allstate (ALL) – 7%, Chubb Limited (CB) – 4%, SPDR S&P Insurance ETF (KIA) – 2.5% and AIG (AIG) – 1.3%.
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