Wildfire
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Sources say the Fair Plan is under-reserved, leading to the possibility of member assessment. -
The carrier is the largest writer of homeowners’ multi-peril in the state.
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The Palisades fire is estimated at $9bn-$12bn, while Eaton is $6bn-$8bn.
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Investigators are homing in on the likely causes of the incidents.
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The number of structures damaged may put the event on par with the fires of 2017 and 2018.
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The company’s stock price has plummeted in the wake of the LA wildfires.
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Total economic and insured losses are “virtually certain” to reach into the billions.
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AM Best said it expects insured losses from the California wildfires to be “significant”.
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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.
