Germany’s Munich Re expects about 1.2 billion euros ($1.26 billion) in claims resulting from the Los Angeles wildfires, it said on Wednesday, representing the biggest loss reported so far by a single European reinsurer for the January catastrophe.
The wildfires killed more than two dozen people and destroyed or damaged more than 16,000 structures, charring an area bigger than Paris.
Related: Zurich Insurance Sees $200 Million LA Wildfire Loss
“They were clearly the most substantial wildfire losses in the history of the insurance industry,” Munich Re said.
Munich Re, the world’s largest reinsurer, said that