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Insurance Company Stocks Fall as Damage Estimates from California Wildfires Rise
ALLAallstate(ALL) Investopedia·2025-01-11 00:51

Key TakeawaysInsurance company shares dropped as the massive wildfires in California are now estimated to have caused $135 billion to $150 billion in damage and economic loss.AccuWeather said the costs from the deadly blazes could go substantially higher.The weather site said that the economic loss might reach almost 4% of the annual GDP of California. Shares of insurance companies tumbled on Friday as the deadly wildfires in Southern California that are still burning have already caused billions of dollars ...