Lloyd’s of London reports an expected $2.3 billion in losses due to the recent California wildfires that claimed 29 lives and ravaged Los Angeles. The fires, primarily affecting affluent neighborhoods like Pacific Palisades, destroyed thousands of buildings. However, the impact on fine art was minimal since wealthy residents took their valuables with them. This loss contributes to a significant 10% drop in Lloyd’s annual pre-tax profits. While not expected to be a capital event, the global insurance industry faces losses up to $40 billion due to these and other catastrophe events.
Lloyd's of London estimates $2.3bn in losses from California wildfires, with limited fine art losses as affluent residents evacuated valuables to safety.
The California wildfires killed 29, burned over 37,000 acres, and fully contained after 24 days, causing widespread destruction and reporting a significant insurance market loss.
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