Insurance stocks tumble as LA fires threaten record losses
Flames from the Palisades Fire burns a home during a powerful windstorm on January 8, 2025 in the Pacific Palisades neighborhood of Los Angeles, California.
Apu Gomes/Getty Images
- Insurance stocks like Allstate, Progressive and Chubb fell on Friday.
- Traders are selling on the expectation that the Los Angeles wildfires will spur deep losses.
- Analysts expect the wildfires to be the costliest in US history, with a more-than-$20 billion hit to insurers.
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