Losses of insurers from wildfires in California may total $20 bln against the total damage of $50 bln, according to a report from JPMorgan, APA reports citing The Financial Times.
Anticipated insured losses were doubled from the $10 bln estimated a day earlier in the letter sent by the bank to its clients. Limited progress on containment and the spread to neighboring areas were indicated as the reasons.
"Expectations of economic losses stemming from the fires have more than doubled since yesterday to closer to $50 billion, and we estimate that insured losses from the event could exceed $20 billion (and even more if the fires are not controlled)," JPMorgan said, cited by the news outlet.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
