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Total economic and insured losses are “virtually certain” to reach into the billions. -
AM Best said it expects insured losses from the California wildfires to be “significant”.
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This could see it surpass the 2017 Camp Fire, which cost around $12.2bn.
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Plenum said impact is marginal because wildfire contributes only marginally to the risk of bonds.
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Moody’s also expects losses in the billions of dollars.
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Six wildfires are now burning in SoCal, with the Palisades fire being the largest.
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Six fires now cover more than 27,000 acres across Southern California.
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Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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The fast-moving blazes have prompted evacuations across the city.
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More than 4,000 acres are burning as thousands evacuate.
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The new agreement provides $40mn of aggregate limit excess of zero.
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The multi-day weather outbreak caused widespread damage from Texas to the Carolinas.
