Insurer AIG's profit falls on Los Angeles wildfire losses
The company - one of the world's largest commercial insurers - posted catastrophe losses of $525 million in the three months ended March 31, with $460 million related to the wildfires before reinstatement premiums. Global insured losses from hurricanes, storms, floods and other natural disasters could jump to $145 billion in 2025, from $137 billion last year, reinsurance company Swiss Re said on Tuesday. The wildfires, which killed more than two dozen people and charred an area bigger than Paris, cost the industry $40 billion in insured losses, Swiss Re added.