Claudia Assis of MarketWatch reports that Chubb Ltd. estimates $1.5 billion in pre-tax losses from the Los Angeles wildfires, which will affect its first-quarter 2025 results. The fires have killed 28 people, destroyed over 16,000 structures, and caused significant financial damage, with insured losses estimated between $20 billion and $30 billion. The wildfires are among the costliest in U.S. history. Assis writes:
Insurer Chubb Ltd. has estimated its costs related to the Los Angeles wildfires to be around $1.5 billion before taxes, to be incurred in the company’s first quarter.
Chubb Chief Executive Evan Greenberg said late Tuesday that Chubb employees have been on the ground trying to help policyholders as the tragedy is still unfolding.
“From a financial perspective, our current estimate of the cost of supporting our customers and helping them recover and rebuild from this catastrophe is $1.5 billion net pre-tax, and is a first-quarter 2025 event,” Greenberg said. […]
The Camp Fire destroyed the town of Paradise, Calif., burning more than 150,000 acres and destroying more than 18,000 buildings. The current Los Angeles fires haven’t affected as much acreage or as many structures, but they are concentrated in affluent areas like Pacific Palisades, where the median home price exceeds $3 million.
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