Farmers Insurance estimated that it would lose roughly $600 million as a result of the Los Angeles area wildfires that occurred in California at the beginning of the year.
The insurance company, which is described as being one of the United States’s “largest insurers of vehicles, homes and small businesses” that provides “a wide range of other insurance and financial services products,” explained that the “figure includes payments from its reinsurance program but not an expected assessment from the FAIR Plan,” according to the Los Angeles Times.
In a press release from the insurance company, Farmers Insurance explained that “initial estimates indicate an expected loss resulting from the wildfires of $0.6 billion, net of the per occurrence reinsurance program and gross of tax (excludes the Farmers share of FAIR Plan losses) and approximately $0.25 billion reinstatement premium payment.”
Breitbart News’s Joel Pollak previously reported that due to the policies of California Gov. Gavin Newsom (D) and the state’s Democratically-run government, several insurance companies have canceled “many of their fire insurance polices,” which led to many residents “losing their policies” prior to the Los Angeles area wildfires.
In June 2023, Breitbart News reported that Allstate Insurance had “quietly stopped selling new homeowner and business insurance” in the state. Other insurance companies such as State Farm also previously decided to end insurance coverage for home owners and businesses due to the “increased risk of wildfires.”
The Los Angeles Times noted that “like other carriers over the past several years, Farmers had retreated from the state’s home insurance market, limiting the number of policies it would issue.”
The post Farmers Insurance Estimates $600 Million ‘Loss’ Due to California Wildfires appeared first on Breitbart.
