Los Angeles fires push insurers' disaster losses to $107 billion for 2025 [Los Angeles Times (CA)]
SWISS RE LTD S/ADR (SSREY)
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Source: Los Angeles Times
the sixth consecutive year, according to an analysis by Swiss Re Institute, the research arm of the reinsurance company. The $107 billion estimate is 24% lower than last year, when Hurricanes Helene and Milton hit the U.S. back to back. Nevertheless, it shows continuing extensive property damage from weather volatility, fueled by climate change. This year's $100-billion-plus tally “reminds us that elevated natural catastrophe losses are no longer outliers but the new baseline,” Monica Ningen, Swiss Re's CEO of US Property and Casualty, said in a statement. “It's critical we double down on investing in resilience and adaptation so communities can be better prepared for the future.” Although the U.S. was spared hurricanes this year, the January fires that ravaged the Los Angeles neighborhoods of Pacific Palisades and Altadena accrued $40 billion in insured losses, making them together the costliest-ever wildfire event globally. Following a multi-year trend, severe convective sto
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