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The impact of the devastating California wildfires is too early to ascertain, executives said during earnings calls. -
The figure does not include specie or auto losses.
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The nationwide carrier ranked sixth for multi-peril California homeowners' insurance in 2023.
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CEO Jim Williamson said social inflation was a “growing barrier” to a vibrant economy.
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The carrier also has a $500mn excess $2.4bn aggregate protection.
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The (re)insurer recorded a reserve charge of nearly $1.3bn within its casualty insurance book.
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The industry loss number has increased threefold from an initial $5bn pick.
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Losses from the larger fire will amount to $20bn-$25bn, the modeler said.
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Disclosures show the insurer has roughly 4,300 homeowners’ policies in effect in fire-impacted zip codes.
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Severe convective storms accounted for 41% of last year’s insured loss load.
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The carrier can claim separately for the Palisades and Eaton fires if necessary.
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The carrier has received more than 3,600 claims from LA wildfires.
