Insurers exposed to the California homeowners' market sold off sharply Friday as the devastation caused by the Los Angeles wildfires spread. The Wall Street firm noted that Chubb could have a particularly high exposure due to its high-net-worth focus in the region.
The destructive fires this week could become the most costly in California history. The insured losses from this week's fires may exceed $20 billion, and the estimate could be even higher if fires spread, the JPMorgan estimated Thursday. Those losses would far surpass the $12.5 billion in insured damages from theMoody's Ratings expected insured losses to run well into billions of dollars given the area's high values of homes and businesses in the affected areas.