The Eaton and Palisades fires in Los Angeles are now the costliest set of wildfires in global history, according to a new insurance industry report.
Gallagher Re, a global reinsurance firm, estimates that the January fires caused economic losses of $65 billion, including $40 billion of insured damage. That makes the two blazes the “costliest individual wildfire events ever recorded for the (re)insurance industry,” according to the report released Wednesday.
Reinsurance firms provide insurance to insurance companies in order to handle the costs of major catastrophes, such as large wildfires, and closely track the costs of such events…