Which insurance companies have the most exposure in California?
‘Barron’s Roundtable’ panelists Alissa Coram, Ben Levisohn and Al Root discuss the top three stories investors should know from the week.
The deadly wildfires that have devastated the greater Los Angeles region in Southern California over the last week are estimated to be the costliest in the state's history, which will leave insurers operating in the state facing significant losses.
The wildfires, which have been driven by strong Santa Ana winds through dry regions of the greater Los Angeles area, have killed at least 24 people while burning about 40,000 acres. Communities like Pacific Palisades, Malibu and Altadena have been particularly hard hit, while more than 12,000 structures have been destroyed or damaged.
Preliminary estimates have put insured losses from the wildfires as the costliest in California history. An analysis by JPMorgan last week estimated insured losses could top $20 billion, while Wells Fargo's estimate from the weekend put insured losses at $30 billion within a range of $20 billion to $40 billion. Both estimates would surpass the $10 billion in insured losses caused by the 2018 Camp Fire that impacted the town of Paradise and neighboring communities in Northern California.
Moody's Ratings produced an analysis last week that examined the largest insurers in California using S&P Global Market Intelligence data based on full-year data from 2023, as annual data from 2024 isn't yet available.
CALIFORNIA WILDFIRES: ESSENTIAL PHONE NUMBERS FOR LOS ANGELES-AREA RESIDENTS AND HOW YOU CAN HELP THEM
The Palisades Fire devastated the greater Los Angeles community of Pacific Palisades. (Axelle/Bauer-Griffin/GC Images / Getty Images)
It found that the insurer with the most direct homeowners insurance
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