Wildfires are intensifying the problems in California’s property insurance market, according to a new commentary from AM Best.
Those problems include a major insurer pullback from California in the past year, followed by the L.A. wildfires, which could result in total losses of up to $164 million and insured losses of up to $40 billion. Allstate Corp. on Wednesday became the fourth carrier to report losses in excess of $1 billion from the fires. CEO Tom Wilson in a fourth quarter earnings call said pretax losses from the L.A. wildfires are expected to be about