LA Wildfires Losses Could Top $30 Billion for Insurance Industry
- The Palisades and Eaton blazes remained largely uncontrolled
- Fires razed more than 12,000 structures, prompted evacuations
Damaged and destroyed buildings after the Eaton Fire in Altadena, California, on Jan. 13.
Photographer: Benjamin Fanjoy/BloombergThis article is for subscribers only.
Wildfires that have ravaged swaths of Los Angeles could result in losses of as much as $30 billion for the insurance industry as the blazes rage on almost a week after they ignited.
The new estimates from Wells Fargo & Co. and Goldman Sachs Group Inc. analysts significantly exceed last week’s highest prediction from JPMorgan Chase & Co. that the fires stood to cost insurers roughly $20 billion.