Moody’s Ratings said in a report on Thursday that it expects the Los Angeles wildfires to increase property insurance costs across California.
According to Moody’s, the state’s already noticeable insurance pricing and availability challenges are likely to intensify, with negative implications for property prices, consumer spending and public sector credit quality.
Preliminary estimates from Moody’s RMS are for insured property losses to be as much as $30 billion from the fires. Catastrophe modeler KCC said on Thursday that insured loss from privately insured and California FAIR plan policies to residential, commercial and industrial properties, and