Los Angeles fire damage likely to be costliest blaze in US History
Live MintThe Los Angeles wildfires are set to be the costliest blaze in U.S. history, analysts said Thursday, as the first initial estimates of damage from the infernos soared with their unchecked spread. The 2018 Camp Fire in Northern California’s Butte County, the nation’s most destructive wildfire through last year, inflicted insured losses of around $12.5 billion, adjusted for inflation, according to broker Aon. The costliest ever was 2005’s Hurricane Katrina, which amounted to $102 billion in insured losses, adjusted for inflation, according to Aon data provided to the Insurance Information Institute, an industry group. The fires will have “widespread, negative impacts for the state’s broader insurance market," said Denise Rappmund, a senior analyst at ratings firm Moody’s Ratings. From an insurer’s standpoint, “high losses bode well for future prices" in the state, but will likely inflict a short-term hit to earnings, JPMorgan’s Bhullar said in a note.
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