German rehabilitation giant Munich Ray said on Wednesday that the huge wildfire was “the most expensive in the history of the insurance industry” in Los Angeles last month.
Munich Ray, who serves as an insurer for insurers, said it expects some 1.2 billion euros ($ 1.3 billion) in claims of fire damage.
The group said in a statement, “was subject to a high level of uncertainty due to the complexity of loss,” the group said in a statement.
However, this figure “will represent the loss of forest fire most in the history of the insurance industry”, Munich Ray said.
The struggle around the second city of the United States was burnt for three weeks, forcing thousands of residents to vacate their homes.
The fire destroyed thousands of structures, affecting the community of Los Angeles, Malibu’s rich Pacific Palisads neighborhood and Altadeena’s community in the wider county.
Private meteorological firm Accuweather has estimated total damage and economic losses between $ 250 billion and $ 275 billion.
The effect of the wildfire would appear in the results of Munich Ray for the first quarter of 2025, but the group said it was well prepared to absorb costs from such natural destruction.
Munich Ray told reporters to reporters “Risk (for Group)” compared to five years ago.
From an insurance point of view, the wildfire in Los Angeles “had no problem”, CEO Jochim Wane said.
“Risk that leads to major losses, part of our business, said Vening said.
Full year result
For 2024, the recast group stated that it had booked a net profit of 5.7 billion euros to suit the estimates of analysts surveyed by the Financial Data firm FactSet.
In the fourth quarter of 2024, Munich Ray’s net profit came to 979 million euros, which is a three percent decline in the same period last year.
The total claims of major disasters cost 3.9 billion euros, 2.6 billion euros, of which were related to natural destruction.
The most important of these was the storm Helen, which was swept away through the South -East United States in late September, racking 0.5 billion euros at the cost for Munich Ray.
Hurricane Milton, a landfall in Florida later last year, suffered a loss of 400 million euros for Munich Ray in the fourth quarter.
Despite the heavy losses caused by the Los Angeles Wildfire, Munich Ray said it is still expected to increase to six billion euros in net profit in 2025.
The group said that the revenue was expected to be 64 billion euros in revenue in the coming year.
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