Travelers Says California Wildfires Cost Its Insurance Business $1.7 Billion
J.P. Morgan forecasted an insured loss of more than $20 billion due to the wildfires, while Wells Fargo estimated $60 billion including economic damages.
The Travelers Companies, Inc. reported a $1.7 billion pre-tax loss ($1.3 billion after-tax) due to the wildfires that devastated California.
The losses impacted personal and commercial insurance segments, including assessments from the California FAIR plan and recoveries from reinsurance, Travelers stated.
CEO Alan Schnitzer says the company is committed to aiding affected communities and responders.
"In moments like these, actions speak louder than words," Schnitzer said. "As a company deeply embedded in the communities we serve, we are on the ground providing critical resources and support that our customers and neighbors need to recover and rebuild."
The loss estimates include the scope and duration of the wildfires and the number of insured homeowners including future building costs.
Travelers noted that the estimate is subject to change as more claims are processed.
J.P. Morgan forecasted an insured loss of more than $20 billion due to the wildfires, while Wells Fargo estimated $60 billion including economic damages.
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