The wildfires which devastated southern California during October are expected to result in gross claims of up to £200m in Lloyd's for damaged property, revealed a report.
In addition to property, Lloyd's expects to pay some business interruption claims arising from the fires, which ratings agency Moody's estimated would cost US$3.5bn.
Lloyd's said its liability would be recovered from reinsurers and that the figure was not expected to exceed £200m.
Rating agency Fitch warned that the event, which also cost 20 lives, could be the most financially costly insured wildfire loss ever, with the largest to date being the $1.7bn (£900m) for the Oakland Hills fire of 1991
