Swiss Re expects claims of $700M from US wildfires

ISTANBUL

Reinsurance company Swiss Re announced that it estimated its preliminary claims from the wildfires, which affected Los Angeles, to be around $700 million, according to the financial report on Thursday.

"Its estimate for the preliminary total insured market loss from the wildfires is approximately $40 billion," the statement said.

Swiss Re also posted a $3.23 billion net income in 2024, up 3% compared to 2023.

The company's gross insurance revenue also increased by 3.8% to reach $45.5 billion in the same period.

The return on equity of the company was 15% in 2024, while the return on investments was 4%.

"All our businesses have started 2025 in a strong position, thanks to the resilient foundation we have created and disciplined underwriting as evidenced by the successful January renewals," said Swiss Re's Group CEO Andreas Berger.

"We remain focused on delivering on our targets for the year and reaching our cost efficiency goals," he added.

The Los Angeles wildfires are among the costliest in US history, with losses expected to exceed $135 billion, according to BBC.