Insurance stocks sell off sharply as potential losses tied to LA wildfires increase
1. California wildfires prompt sharp declines in major insurers' stocks. 2. Insured losses may exceed $20 billion, far surpassing 2018's Camp Fire. 3. Chubb faces significant exposure due to its focus on high-net-worth clients. 4. Premarket trading saw Allstate and AIG drop 5%, Chubb and Travelers 4%.