Getty Images: Official Flickr Account for CAL FIRE
The Key Takeaways
- The shares of insurance companies dropped after the wildfires that ravaged California were estimated to cause $135 to $150 billion worth of damage and economic losses.
- AccuWeather reported that costs associated with the fatal fires may be significantly higher.
- Weather site reported that economic losses could reach almost 4% annual GDP in California.
The shares of insurance companies fell on Friday, as wildfires that continue to burn in Southern California have caused damage worth billions.
Travelers Companies, Inc. (TRV), a major Dow Jones Industrial Average decliner, was down nearly 4 percent in recent trading. Allstate, Inc. (ALL) as well as Chubb Limited, (CB), were both down 5%. The SPDR S&P Insurance ETF (KIE) was down 2.5%.
AccuWeather, a weather website, has released a preliminary estimate that says the fires which started on Tuesday have resulted in total economic losses and damage between $135-150 billion. AccuWeather said that the number of economic losses and damage could increase substantially as the fires continue spreading.
Jonathan Porter, Chief Meteorologist at AccuWeather said “the devastation left behind is heartbreaking and the economic toll is staggering,” The financial costs could reach up to 4% of California’s gross domestic product.
State Farm is the biggest property insurer in California. Many will not be able because the insurer did not renew last year’s policies of 30,000 renters and homeowners, as well as 42,000 apartments for commercial use.
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