California

Insurer AIG Reports Profit Dip Due to LA County Wildfire Losses

Wildfire related payouts totaled $460 million as the insurance sector overall deals with increased claims due to natural disasters.
Insurer AIG Reports Profit Dip Due to LA County Wildfire Losses
Firefighters work near a burned church in the Pacific Palisades neighborhood of Los Angeles on Jan. 10, 2025. David Ryder/Reuters
Kimberly Hayek
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American International Group Inc. (AIG) revealed a decline in first-quarter profits Thursday, citing considerable payouts stemming from the Los Angeles County wildfires in January.

The multinational finance and insurance corporation reported $525 million in total catastrophe-related charges in the quarter, with $460 million of those losses a direct result of the Los Angeles County fires, in which at least 30 lives were lost and more than 16,000 buildings were destroyed.

Kimberly Hayek
Kimberly Hayek
Author
Kimberly Hayek is a reporter for The Epoch Times. She covers California news and has worked as an editor and on scene at the U.S.-Mexico border during the 2018 migrant caravan crisis.