Insurance firm Beazley has warned that it will take a 40 million US dollar (£31.4 million) hit from claims linked to wildfires in California. Insurance firm Beazley has warned that it will take a 40 million US dollar (£31.4 million) hit from claims linked to wildfires in California. The blaze killed dozens of people and destroyed thousands of homes in northern California and was only contained after burning for more than two weeks. In a short stock market update, Beazley said: “The board’s early estimate of the cost of claims arising from the 2018 California wildfires is 40 million US dollars, net of reinsurance. Pre-tax profits dropped from 158.7 million US dollars (£122 million) to 57.5 million US dollars (£44 million) in the six months to June 30.

Source: Irish Independent December 06, 2018 07:41 UTC