These are the United States most costly wildfires
Published On Jan 10, 2025, 6:00 AM
Los Angeles is currently facing severe wildfires, resulting in devastating losses for homes and businesses. A report from JP Morgan estimates that economic losses could reach around $50 billion, with insured losses potentially exceeding $20 billion. This situation could surpass the damages from the 2018 Butte County Camp Fires, which were previously the most costly in California's history. As the wildfires continue to rage, with multiple fires still uncontained, the economic impact is expected to be significant.
Stock Forecasts
TRV
Negative
Wildfires can heavily impact insurance companies and related sectors. With estimated insured losses potentially exceeding $20 billion, companies like The Travelers Companies (TRV) and Allstate Corporation (ALL) may face increased claims, impacting their stock prices.
TMO
Positive
In contrast, companies that provide firefighting equipment and services, such as Thermo Fisher Scientific (TMO) or those involved in the construction and rebuilding process after fires, could see an opportunity for growth. More funds may be allocated towards rebuilding efforts, which could benefit such companies in the long term.
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