California E&S Insurance

Los Angeles Fire Damage Likely to Be Costliest in U.S. History The L.A. wildfires are likely to be the costliest in U.S. history, with total losses estimated to be as high as $50 billion. From our reporter Jean Eaglesham:  *The Los Angeles wildfires are set to be the costliest in U.S. history, analysts said Thursday, as the first initial estimates of damage from the infernos soared with their unchecked spread.* *Total economic losses from the fires are now pegged at close to $50 billion, double the estimate of a day earlier, according to JPMorgan analyst Jimmy Bhullar. That includes insured losses which he estimated at more than $20 billion and “even more if the fires are not controlled.”* *Other initial estimates of the fire’s economic toll also placed the disaster as among the nation’s most expensive. Ratings firm Morningstar DBRS estimated total insured losses of more than $8 billion.* *Multibillion-dollar losses could put significant pressure on California’s already fragile home-insurance market. The fires will have “widespread, negative impacts for the state’s broader insurance market,” said Denise Rappmund, a senior analyst at ratings firm Moody’s Ratings. The cost “will likely drive up premiums and may reduce property insurance availability,” she added.* Skip the paywall and read our full story: [https://www.wsj.com/us-news/los-angeles-fires-recovery-costs-billions-12201ee5?st=gyxLor](https://www.wsj.com/us-news/los-angeles-fires-recovery-costs-billions-12201ee5?st=gyxLor)

{
  "score": 0,
  "title": "Los Angeles Fire Damage Likely to Be Costliest in U.S. History",
  "subreddit": "homeowners",
  "num_comments": 125,
  "scrape_method": "apify"
}