Lloyd's of London Faces $2.3 Billion Loss from California Wildfires

The January wildfires in Los Angeles caused significant devastation, with over 16,000 structures destroyed and 29 lives lost.

Lloyd's of London has estimated $2.3 billion in net losses from the January 2025 Los Angeles wildfires, one of the most costly wildfire events in insurance history.
The fires, which burned for 24 days, destroyed over 16,000 structures and consumed nearly 37,000 acres, severely impacting affluent neighborhoods like Pacific Palisades and Malibu.
The wildfires caused 29 fatalities and forced thousands of residents to evacuate, though fine art losses were limited as many wealthy homeowners removed valuable items before evacuating.
Private estimates place the total economic damage from the wildfires at $250 billion to $275 billion, with global insurers, including Munich Re and Hannover Re, also facing substantial claims.
Lloyd's reported strong overall financial performance for 2024, with a 6.5% growth in gross written premiums, but noted a 10% drop in underwriting profit due to claims from natural disasters.