By Manya Saini
January 10, 2025 – 7:47 AM PST
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(Reuters) – U.S. insurance stocks slid on Friday as analysts estimated insured losses from the wildfires menacing Los Angeles could reach as high as $20 billion, potentially making it the costliest disaster in California’s history.
Firefighters reported some progress fighting the wildfires that have charred hillsides, homes and streets in Los Angeles County, but the strong winds that fanned the flames were expected to pick up again on Friday, worsening conditions.
Analysts are evaluating the financial impact of the disaster, with J.P.Morgan doubling its forecast of insured losses to over $20 billion. Wells Fargo also expects similar insured losses and said the total economic hit from the disaster could be well above $60 billion.
The Pacific Palisades area is one of the…
