Insurance giant Travelers Companies said on Tuesday it sees USD 1.7 billion of pre-tax catastrophe losses from the California wildfires in January, outlining its exposure to what could be among the costliest natural disasters for the industry.
The preliminary estimate included losses from the company’s personal and commercial segments such as its quota from Fidelis, in which Travelers is a minority investor. The wildfires destroyed thousands of homes and killed dozens, heightening concerns for insurers, some of whom have already started retreating from California due to the strict regulation and mounting wildfire losses.
California accounted for 10.4 per cent of Travelers’ direct written premiums for 2023, according to its annual regulatory filing.
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It was the sixth biggest insurer in the state in 2023, a report by the California Department of Insurance showed, but CEO Alan Schnitzer said last month some of the publicly available data on the company’s market share had dated information. Travelers had said it could account for the impact in the first quarter. It committed USD 1 million to the relief and recovery efforts in the state last month. The company’s shares were marginally up in premarket trading.
