30 July 2018Insurance

California wildfires set to impact insurers in Q3

The California wildfires could noticeably impact exposed insurers' third quarter 2018 earnings results, according to Keefe, Bruyette & Woods (KBW) analysts.

The California Department of Forestry and Fire Protection (CAL FIRE) reported that the Carr wildfire has burned almost 90,000 acres, destroying an estimated 517 homes and commercial buildings, with another 135 structures damaged. According to the Associated Press, at least 300 homes have been destroyed, and the fire is only 5 percent contained, making increased losses very likely.

The top California underwriters based on their 2017 direct fire exposed lines market shares includes State Farm (11.7%), Farmers Insurance Group of Cos (11.5%), Liberty Mutual (6.2%), Allstate Corp (5.4%) and Auto Club Exchange (5.3%), according to KBW.

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