0916 GMT - The L.A. wildfires are unlikely to lead to a material loss in 2025 earnings for European reinsurers, Berenberg says. Analysts estimate a $6 billion hit, lower than the 2018 Camp and Woolsey fires in California because the attachment points--the level above which the excess of loss reinsurance cover is triggered--are significantly higher. Additionally, the reinsurance cover of residential structures--which seem more affected than commercial or industrial properties--appears narrower. In addition, the FAIR Plan covers homes in the Palisades area and spreads the losses among participating insurers. Berenberg estimates that the wildfires could cost Munich Re 220 million euros, Swiss Re $160 million, SCOR 50 million euros and Hannover 180 million euros. They add that these hits will only affect earnings if they exceed the large loss budget. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
January 13, 2025 04:16 ET (09:16 GMT)
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