The Travelers Companies, a provider of property casualty insurance for auto, home and business, has announced a $1 million commitment to support wildfire relief and recovery efforts in California.
The funds will be directed to four organizations, namely: All Hands and Hearts, the California Community Foundation, International Medical Corps and Team Rubicon.
“Our hearts go out to all those impacted by the wildfires in Southern California – from our customers and colleagues to the communities across Los Angeles we’re privileged to serve,” said Alan Schnitzer, chairman and chief executive officer of Travelers. “Above and beyond our around-the-clock claim and customer service response, the first steps on the road to recovery start with helping those with urgent needs.”
In addition to the financial contribution, the company said its claim professionals and other resources are also assisting affected customers. It has also set up mobile claim offices, providing locations where customers can file claims in person or receive an advance payment on covered losses.
As of Monday, the Palisades and Eaton fires remain active, destroying thousands of structures along the way. An analysis from Moody’s said that the ongoing wildfires are on track to become the most damaging in US history.
The disruption to economic activity caused by the wildfires could result in losses of between $2 billion and $3 billion, according to Moody’s, with the potential for much higher costs depending on how the situation develops.
Analysts from Keefe Bruyette & Woods expect total losses for the insurance industry of up to $40 billion, up from their initial optimistic estimate of $25 billion in losses. Wells Fargo analysts said they expect losses of as much as $30 billion for the insurance industry.
The Southern California wildfires have been ravaging the region since January 7, exacerbated by drought conditions, low humidity and the strong Santa Ana winds.
