Major insurers face billions of dollars in losses from the Los Angeles wildfires, they said this week, despite dropping clients in California before the catastrophe.
AIG and Allstate and are among the national insurers that warned of losses even after they cut their exposure to the state in recent years.
AIG expects losses of about $500mn from the firestorms, which destroyed more than 16,000 homes and businesses in January, the New York-based insurer said on Tuesday. That comes after a sharp pullback in 2022, when the company stopped offering new policies to most homeowners in California to focus on businesses and the richest residents of the state.
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