Chubb (CB) stock plunged 5.14% in pre-market trading on Friday as the devastating wildfires raging across Los Angeles raised fears of massive insured losses for the major property and casualty insurer.
The wildfires, which started on Tuesday, have already damaged or destroyed more than 9,000 structures and forced the evacuation of over 130,000 residents across Los Angeles County. The total economic loss attributed to the fires is estimated to be between $135 billion and $150 billion, according to updated figures from AccuWeather.
Analysts warn that the insured losses from the fires could exceed $20 billion, making it the costliest wildfire event in California's history. Chubb, along with other major insurers like Allstate (ALL) and Travelers (TRV), is expected to bear a significant portion of these losses due to their sizable exposure to the California homeowners insurance market.
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