After back-to-back wildfires in 2017 and 2018, insurers paid out twice as much in claims as they received in premiums. (Credit: Courtesy photo)
The wildfires sweeping through the L.A. area will likely add layers of complexity to California’s already-complicated insurance landscape, experts say.
On Thursday, JPMorgan estimated the fires will cause more than $50 billion in damage, double the estimate it issued on Wednesday, and that number could continue to grow if the fires aren’t contained soon. Around $20 billion of that damage is expected to be insured.
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