Å˽ðÁ«´«Ã½Ó³»­

Insurer Payouts Now at $12B for LA Wildfires, Report Shows

March 12, 2025

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

Was this article valuable?

Here are more articles you may enjoy.