Wildfires that have ravaged swaths of Los Angeles could result in losses of as much as $30 billion for the insurance industry as the blazes rage on almost a week after they ignited.
The new estimates from Wells Fargo & Co. and Goldman Sachs Group Inc. analysts significantly exceed last week’s highest prediction from JPMorgan Chase & Co. that the fires stood to cost insurers roughly $20 billion.
Home-insurance providers will bear the brunt of the cost. Allstate Corp., Chubb Ltd., American International Group. and Travelers Cos are the most exposed among the firms covered