Farmers Insurance estimated that it would lose roughly $600 million as a result of the Los Angeles area wildfires that occurred in California at the beginning of the year. The post Farmers Insurance Estimates $600 Million ‘Loss’ Due to California Wildfires appeared first on Breitbart.
Farmers Insurance has estimated a $600 million loss due to the California wildfires, with the figure including reinsurance payments but excluding FAIR Plan assessments. The company's press release details the loss as $0.6 billion net of reinsurance and gross of tax, excluding FAIR Plan shares, plus a $0.25 billion reinstatement premium. Other insurers, such as Allstate and State Farm, have withdrawn from California's home insurance market due to increased wildfire risks, linked to policies under Governor Gavin Newsom's administration.
