Los Angeles Wildfires Costliest In History: Munich Re [Barron's]
MUENCHENER RE GP UNSP/ADR (MURGY)
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Source: Barrons
Munich Re, which acts as an insurer for insurers, said it expected some 1.2 billion euros ($1.3 billion) in loss claims from the fires. The estimate was "subject to a high degree of uncertainty owing to the complexity of the losses incurred", the group said in a statement. Nonetheless, the figure would represent "the most substantial wildfire losses in the history of the insurance industry", Munich Re said. The conflagration around the United States' second city burned for three weeks, forcing thousands of residents to evacuate their homes. The fires destroyed thousands of structures, affecting the affluent Pacific Palisades neighbourhood of Los Angeles, Malibu and the community of Altadena in the wider county. Private meteorological firm AccuWeather has
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