Farmers announces initial $600 million loss for Los Angeles fires

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Farmers announces initial $600 million loss for Los Angeles fires

Farmers Insurance, the state’s second-largest home insurer, said it expects to lose at least $600 million from the Los Angeles fires, a substantially smaller figure than some other major insurers have announced. Read more...

Los Angeles Times

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Farmers announces initial $600-million loss for Los Angeles fires

Farmers Insurance said claims from the Los Angeles fires will cost it at least $600 million, a substantially smaller initial estimate than some other insurers have posted.

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The Palisades and Eaton fires burned more than 37,000 acres and destroyed more than 14,200 structures together, killing more than two dozen people on their devastating roads since they began on January 7. Strong winds fueled the flames and helped spread, while dry conditions helped the vegetation act as fuel for the fires. Los Angeles Mayor Karen Bass, who was traveling in Ghana when the fires broke out, seemed to blame Los Angeles City Fire Chi…

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Farmers pegs LA wildfire loss at $600m after reinsurance and reinstatement premium - Artemis.bm

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. U.S. primary carrier Farmers Insurance Group has announced that initial estimates point to an expected loss of $600 million for the Los Angeles wildfires, net of its per-occurrence reinsurance coverage and gross of tax, and a roughly $250 million reinstatement premium payment. This $600 million net loss estimate follows the $1.6 bill…

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Farmers Exchanges projects $600m wildfire loss, reaffirms commitment to California

The Farmers Exchanges, a group of reciprocal insurers including Farmers Insurance Exchange, Fire Insurance Exchange, and Truck Insurance Exchange, have released initial estimates indicating a $600 million loss from the recent California wildfires. This figure is net of the per-occurrence reinsurance programme and before taxes, excluding Farmers’ portion of FAIR Plan losses. Additionally, the Exchanges expect to pay approximately $250 million in …