Farmers Exchanges projects $600m wildfire loss, reaffirms commitment to California

The Farmers Exchanges, a group of reciprocal insurers including Farmers Insurance Exchange, Fire Insurance Exchange, and Truck Insurance Exchange, have released initial estimates indicating a $600 million loss from the recent California wildfires.

This figure is net of the per-occurrence reinsurance programme and before taxes, excluding Farmers’ portion of FAIR Plan losses. Additionally, the Exchanges expect to pay approximately $250 million in reinstatement premiums.

Despite the financial impact, the policyholder-owned Exchanges remain well-equipped to handle the losses, supported by a strong capital foundation, a strategic approach to risk management, and a comprehensive reinsurance program.

With a long-standing presence in Southern California, the Farmers Exchanges emphasise their ongoing commitment to assisting customers, employees, and communities affected by the fires.

They also reaffirm their previously announced plans to expand coverage options in California, reinforcing their dedication to serving policyholders across the state.

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