Wildfires Could Cost Insurers $5 Billion To $10 Billion: Credit Suisse Analysts [Seeking Alpha]
Allstate Corporation (The) (ALL)
Last allstate corporation (the) earnings: 2/4 06:08 pm
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Source: Seeking Alpha
Equity analysts from investment bank Credit Suisse believe that ongoing California wildfire outbreaks could cost the insurance and reinsurance industry between $5 billion and $10 billion, although they do not believe this would be sufficient to push any of the major insurers they cover to a fourth-quarter loss. The analysts are referring to the trio of wildfires in northern and southern California, the Camp, Woolsey and Hill fires. The estimates are starting to come in as analysts get to grips with the potential exposure for insurance and reinsurance interests in the area. Earlier, we reported that Moody's had estimated an industry insured loss of between $3 billion and $6 billion for the wildfires, which, as we explained in the article, we would see coming out towards the higher end once all insurable losses were considered (automobiles, demand surge, business interruption and additional living expense claims.) So, the Credit Suisse analysts' estimate of a $5-10 billi
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Earnings
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Sec Filings
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- 4/3/24 - Form 4
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