Insurance Paid due to Palisades Fires

The California Palisades Fire, which began on January 7, 2025, caused extensive damage, leading to significant insurance payouts. Here's a breakdown of the financial impact:

Total Insurance Payouts

• As of February 5, 2025, insurers have paid out approximately $6.94 billion to policyholders for residential and commercial claims related to the Los Angeles County wildfires, which include the Palisades Fire. citeturn0search7

California FAIR Plan's Involvement

• The California FAIR Plan, the state's insurer of last resort, reported receiving over 3,200 claims for damages caused by the Palisades Fire as of January 28, 2025. citeturn0search2

• The FAIR Plan faces a combined exposure of approximately $4.8 billion due to the Palisades and Eaton fires. citeturn0search9

• By February 2025, the FAIR Plan had paid out over $914 million in claims related to these fires. citeturn0news18

Industry-Wide Impact

• Lloyd's of London expects losses of $2.3 billion due to the California wildfires, including the Palisades Fire. citeturn0news13

• Industry estimates suggest that total insured losses from the Palisades and Eaton fires could reach up to $40 billion. citeturn0search2

These figures underscore the substantial financial burden imposed by the Palisades Fire on both insurers and policyholders, highlighting the critical role of the insurance industry in disaster recovery.