Beazley, the specialist re/insurer with a focus on Lloyd’s, has announced an estimate of its potential losses from the recent California wildfires, putting them at $40 million, after accounting for reinsurance.
The wildfires are set to hit specialty underwriters like Beazley hard, given they could have exposure across a number of business lines and areas of their business.
The Lloyd’s of London insurance and reinsurance market is expected to take a reasonable share of the costs from the wildfire as well, as these risks have been well-diversified including among Lloyd’s syndicates and especially through reinsurance programs.
Beazley said this morning that its board’s early estimate for the level of insured claims it will bear arising from the 2018 California wildfires is $40m, net of its reinsurance arrangements.
The Camp and Woolsey wildfires in California have destroyed more than 20,000 structures between them, after springing up in California’s Butte and Ventura