Å˽ðÁ«´«Ã½Ó³» companies have so far paid out more than $12 billion for losses from the two biggest of the Los Angeles-area wildfires that swept through the region and destroyed tens of thousands of homes in January.
California Å˽ðÁ«´«Ã½Ó³» Commissioner Ricardo Lara on Wednesday announced new figures as part of an update of the for the fires. The new figures are nearly double the $6.9 billion in claims paid out last month.
The bulk of yet-to-be-paid claims include property damage and debris removal, which will be paid when people begin the process of rebuilding and debris removal, according to the California Department of Å˽ðÁ«´«Ã½Ó³».
The CDI’s latest figures from the fires show:
- 37,749 insurance claims have been filed for home, business, living expenses and other disaster-related needs.
- 27,821 claims partially paid under laws requiring advance payments to speed recovery.
- $12.1 billion paid out to date to insurance policyholders.
Early estimates put insured losses at $8 billion for the Eaton and Palisades fire to $40 billion for all five fires that burned around the same time in the region at one point.
Lloyd’s this week said it will lose $2.3 billion from the L.A. wildfires.
Munich Re said in February it expects about 1.2 billion euros ($1.26 billion) in claims resulting from the Los Angeles wildfires.
A few big reinsurers took sizeable hits, but those were far less than Lloyd’s and Munich Re. Zurich Å˽ðÁ«´«Ã½Ó³» Group AG said it is expecting pretax losses of $200 million from the wildfires. Swiss Re said claims from the wildfires would be less than $700 million and would impact its first quarter results.
The Travelers Companies in mid-February said it will lose an estimated $1.7 billion from the wildfires, Allstate Corp. on Jan. 5 reported losses in excess of $1 billion from the fires and State Farm reported more than $1 billion paid out to customers. Chubb said the in the first quarter.
Photo: A home burns in the Eaton Fire in Altadena, Calif. (AP Photo/Nic Coury, File)
Topics Catastrophe Natural Disasters Carriers Wildfire Louisiana
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