By Colin Kellaher
Travelers said it expects pretax catastrophe losses of $1.7 billion from the devastating wildfires that struck southern California in January.
The New York insurer on Tuesday said the estimate, equal to $1.3 billion on an after-tax basis, includes losses from its personal and commercial segments, along with estimated assessments from the California FAIR Plan and recoveries from reinsurance.
Analysts have estimated that the wildfires could cost the insurance industry around $30 billion. The FAIR Plan, the state's insurer of last resort that offers bare-bones fire coverage at typically high rates, can call on insurers to help fund the payouts.
Allstate last week said it expects about $1.1 billion in pretax catastrophe losses from the wildfires, net of reinsurance.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 11, 2025 07:23 ET (12:23 GMT)
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