Re/insurers
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The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires. -
GL and commercial auto rates accelerate at year-end as social inflation worsens.
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More than 33,000 claims had been filed as of 5 February.
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Insurance stocks are lukewarm amid earnings season, cats and political changes.
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The carrier’s year-end kitchen sink action is a make-or-break moment for a troubled franchise.
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The nationwide carrier ranked sixth for multi-peril California homeowners' insurance in 2023.
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Most carriers paid more in homeowners’ claims than they collected in premiums.
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Year-end reserving, Milton and wildfires will dominate Q4 earnings discussions.
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New CEO Williamson will likely continue walking the hybrid path, with an emphasis on fixing US casualty.
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Most insurers outperformed the S&P 500 last year, but the trend is unlikely to continue.
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Investigators are homing in on the likely causes of the incidents.
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This could see it surpass the 2017 Camp Fire, which cost around $12.2bn.
Related
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Morningstar DBRS: LA wildfire insured loss could exceed $8bn
January 09, 2025 -
Two more fires hit Los Angeles as 130,000 people evacuated
January 09, 2025 -
US casualty treaty 1.1 renewals ‘much less challenging’ than expected
December 23, 2024 -
Twia approves 22% budget uplift to $485mn for 2025 storm season
December 11, 2024