0855 GMT - Losses from L.A. wildfires seem likely to be retained in the primary insurance market, Jefferies says in a research note. They are thus unlikely to affect the earnings and share price of European insurers, it says. "Most industry sources appear to be converging on a range of $10 billion to $20 billion, making this broadly equivalent to a smaller hurricane," analyst Philip Kett writes. There are fewer examples of material wildfires than other perils, complicating the calculations, he notes. A wide spread of exposure will limit the materiality of any individual corporate exposure. "Amongst European conglomerates, AXA XL and Zurich may have commercial lines exposure, and Zurich's exposure to the Farmers quota share will result in some claims," he notes. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
January 13, 2025 03:55 ET (08:55 GMT)
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