Reported about 24 hours ago
Insurance and utility stocks have significantly dropped as wildfires in Los Angeles, which have led to extensive property damage and at least 10 fatalities, continue to affect the area. Major insurers like Mercury, Allstate, and AIG experienced declines due to expected insured losses that could reach billions, with estimates from JPMorgan indicating potential losses of up to $20 billion. The situation is worsened by the state's ongoing struggle to stabilize the insurance market amid increasingly severe wildfires fueled by climate change.
Source: YAHOO