Insurers exposed to California homeowners saw sharp stock declines Friday due to the growing devastation of Los Angeles wildfires. Allstate shares dropped 6%, while Chubb and Travelers declined more than 3%. AIG and Progressive saw losses of over 1%. JPMorgan identified Allstate, Chubb, and Travelers as having the highest exposure to insured wildfire losses, noting Chubb’s vulnerability due to its focus on high-net-worth clients in the region. The insured losses from the wildfires could exceed $20 billion, according to JPMorgan. Moody’s predicted billions in losses due to the high property values in the affected areas.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Insurance with exposure to California homeowners saw sharp stock declines Friday due to the
00:06growing devastation of Los Angeles wildfires. All-state shares dropped 6% while Chubb and
00:10Travelers declined more than 3%. AIG and Progressive saw losses of over 1%.
00:15JP Morgan identified Allstate, Chubb, and Travelers as having the highest exposure
00:19to insured wildfire losses, noting Chubb's vulnerability due to its focus on high net
00:24worth clients in the region. The insured losses from the wildfires could exceed $20 billion,
00:28according to JP Morgan. Moody's predicted billions in losses due to the high property
00:32values in the affected areas. For all things money, visit Benzinga.com slash GSTV.
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