European reinsurers ‘face 30% hit to catastrophe budgets’ from LA wildfires
European reinsurers have been reducing California property exposure since wildfires in 2017 and 2018, but not enough to avoid losses across property, casualty, specialty and primary lines
A $35bn insured loss from the wildfires in Los Angeles would eat up nearly one-third of the annual budgets of Munich Re, Swiss Re, Hannover Re and Scor, analysts warn