Swiss Re Estimates $700 Million in Claims from LA Wildfires, Reports Strong 2024 Earnings

Reuters

Global reinsurance giant Swiss Re has projected approximately $700 million in preliminary claims related to the devastating wildfires in Los Angeles. The firm also estimated that total insured market losses from the disaster could reach $40 billion.

Despite the substantial claims burden, Swiss Re reported strong financial results for 2024, with a net income of $3.23 billion—an increase of 3% from the previous year. The company’s gross insurance revenue grew by 3.8% to $45.5 billion, while its return on equity stood at 15% and return on investments at 4%.

The Los Angeles wildfires rank among the costliest in U.S. history, with overall economic losses expected to exceed $135 billion, according to BBC reports. Swiss Re has emphasized its commitment to cost efficiency and reaffirmed its financial targets for 2025.