Gaps in California’s insurance system could lead to serious failures in coverage for the Los Angeles firestorms, while leaving a key segment of the industry — reinsurance companies meant to spread out the most concentrated risk — virtually unscathed.
Reinsurers, which provide insurance to frontline insurance companies, could ultimately absorb less than 3 per cent of insured losses from the blazes, Citi analysts said.
California’s governor Gavin Newsom has said the fires, which have damaged or destroyed 12,000 buildings, could be the costliest disaster in US history, with early estimates suggesting insured losses could exceed $20bn.
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