USAA has paid out more than $1 billion for the Los Angeles wildfires, making it the third insurer to report $1 billion or more in payouts for the destructive blazes that burned thousands of properties.
The company, which is among the state’s top homeowners insurers, on Wednesday announced 86% of wildfire claims have received initial payments to date.
The San Antonio, Texas-based company reported more than 3,500 claims received, and is projecting it will ultimately pay out $1.8 billion in losses from the wildfires.
Insured and total losses from the January wildfires continue to rise.