The California Department of Insurance reports that insurance companies have paid out over $6.9 billion in claims related to the recent Los Angeles-area wildfires. As of February 13, data shows 33,717 claims have been filed, with auto insurance claims totaling $73 million. Insured losses are expected to rise, with estimated totals ranging from $8 billion to $40 billion. Several major insurers, including Mercury Insurance Group and Travelers Companies Inc., have reported significant losses exceeding $1 billion.
The California FAIR Plan paid over $914 million to affected policyholders, prompting the state’s insurance commissioner to seek a $1 billion assessment on admitted market insurers to cover the claims. Total economic losses from the fires are estimated to be between $95 billion and $164 billion.
Source: https://www.insurancejournal.com/news/west/2025/02/13/812009.htm