The news continues to be bad at the start of 2025 for US equity investors.
AccuWeather estimates that damage fromLA wildfires could reach$150 billion. JPMorgan estimates $20 billion worth of insured damage. Chubb, Travelers and Allstate are most affected by fires. US December NFP showed Unemployment Rate falling, making Fed likely to hold. What first appeared to be a somewhat confined wildfire in the upscale Pacific Palisades neighborhood north of Los Angeles on Tuesday has spiraled into at least five separate fires that are devastating the city.
This is, however, not the same as insured losses, which JPMorgan estimates are near $20 billion. Three insurance companies — Chubb Limited , Allstate and Travelers — are thought to be the most-affected by the destruction. That estimate is being updated, however, as the facts change. On Wednesday, the figure was put at $10 billion. Neighborhoods near the simultaneous blazes quickly ran out of water to fight the fires and could not be replenished in some cases due to low water pressure.
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