Overview

• 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.