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Lloyd's of London expects $2.3 billion in net losses from Los Angeles wildfires

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Lloyd's of London said on Monday it expected $2.3 billion in net losses caused by the recent Los Angeles wildfires, as the insurance marketplace reported a dip in underwriting profit for last year.
Lloyds of London, a major insurance market, is anticipating approximately $2.3 billion in net losses due to the wildfires in Los Angeles. These fires, which have ravaged parts of California, have led to significant property damage and business interruptions. The estimate accounts for both the direct impact of the fires and the subsequent economic effects. This financial burden underscores the increasing frequency and severity of natural disasters, potentially influenced by climate change, and highlights the growing risk exposure for insurance companies in regions prone to such events.

Read the Full Reuters Article at:
[ https://www.msn.com/en-us/money/markets/lloyds-of-london-expects-23-billion-in-net-losses-from-los-angeles-wildfires/ar-AA1ADaU1 ]