Another important insurer of California is to report losses greater than $ 1 billion of forest fires of the Los Angeles area.

The Travelers Companies Inc. announced Tuesday that it will lose approximately $ 1.7 billion of forest fires last month, which swept the region and destroyed tens of thousands of homes earlier this month. Los Angeles forest fires could lead to total losses of up to $ 164 billion and insured losses of up to $ 40 billion, according to preliminary estimates.

The company -based company in New York issued a preliminary estimate of catastrophe losses related to forest fires of $ 1.7 billion before taxes ($ 1.3 billion after taxes), which includes losses of their personal and commercial segments, including The participation of the company’s Fidelis quota, also as estimated evaluations of the Fair Plan of California and the reinsurance recoveries.

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The estimate is based on an analysis of claims already reported and projected to be reported, estimated properties of properties in the affected areas, estimated damage resulting from forest fires and other hazards, and other factors according to travelers.

Preliminary data show that insurers have paid more than $ 4 billion for the losses of the two largest of forest fires in the area of ​​the.

The claims figures of the insurers published by the Department of Insurance of California on January 30 show that 31,210 claims for the home, business, life expenses and other needs related to the disaster have been presented. According to CDI, $ 4.2 billion have been paid in claims.

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The Just Plan, the statement of the State of the State, reported that it received more than 3,200 claims from January 28 due to the damage caused by the Pacific Palisades fire and more than 1,200 claims for damages caused by the Eaton fire.

Allstate Corp. On January 5 he reported losses greater than $ 1 billion of fires. The CEO Tom Wilson, in a profit call call, said that the losses before taxes of the forest fires of Los Angeles are approximately $ 1.1 billion of reinsurance.

State Farm General, the main owners of the State, said last week that it is asking the California insurance department to approve the increases in intermediate rates immediately, including 22% average for housing owners. At the beginning of the month, the carrier said that he had received more than 8,700 claims and that he has already paid more than $ 1 billion to clients of forest fires.

After State Farme, the largest housing insurers of the state are Farmers Insurance Group, Liberty Mutual Insurance Companies, Csaa Insurance Group, Mercury Insurance Group, Allstate Insurance Group, Auto Club Enterprises, Usaa Group and Travelers Group, according to the latest data from Am best.

USAA paid more than $ 1 billion for the forest fires of Los Angeles. The company based in San Antonio, Texas, reported last week that more than 3,500 claims have been received, and is projecting that it will finally pay $ 1.8 billion in forest fire losses.

Chubb said that forest fires are expected to cost the insurer $ 1.5 billion in the first quarter.

Other companies to inform great losses include Renaissancere, which said he hopes to incur around $ 750 million in forest fire losses. He also anticipates that the impacts on the entire industry should stop the fall in the reinsurance prices of the property catastrophe. Arch Capital estimates losses of between $ 450 million and $ 500 million.

The fires occur after a year in which the operators began requesting rates and rates and began to withdraw from the state prone to forest fires. Calfire’s data show that seven of the 10 most destructive forest fires of the state have occurred in the last 10 years.

In response, the California Insurance Commissioner Ricardo Lara introduced his so -called sustainable insurance strategy to increase coverage in the areas of the State that gave him a forest fire of the State. Lara announced in December a catastrophe modeling regulation and manufacture of grades that will allow carriers to use models as a factor to establish and obtain rates.

The changes in the regulations were well received by the insurance industry, but they can do little to immediately calm the impact of the Los Angeles fires, which is expected that property insurance companies will increase rates, reduce the coverage options, or both, in California and in California and in California. Other areas at risk, according to S&P.

Topics Catastrophe natural disasters loss of profits Fire Wildfire Louisiana