WEB DESK: The wildfire in Los Angeles, California, has caused insurance companies to suffer losses estimated to be in the billions of dollars.
According to a foreign media report, a company that assesses disaster-related losses has estimated that the insured losses from the wildfire in the Los Angeles forests have reached nearly $28 billion.
The company stated that due to these losses, this fire has become the most expensive wildfire in U.S. history. American and European insurance companies could face billions of dollars in insurance claims as a result of this disaster.
The report also mentioned that these losses should be covered under standard insurance policies. In recent years, insurance companies have seen an increase in catastrophe claims due to wildfires and other natural disasters.
Another risk assessment company also estimated the losses from the fire to be between $28 billion and $35 billion.
It is important to note that the fire, which began on January 7th, is yet to be fully contained and has burned nearly 40,000 acres of land. According to California’s fire department, 28 people have died as a result of the fire, and around 16,000 buildings have been destroyed or severely damaged.