Shares of insurance and utility companies exposed to the devastating California wildfires plummeted during the trading session on Jan. 10.
Mercury General Corp, a multiple-line insurance firm, led the losses on Friday, crashing about 20 percent.
Mercury’s estimated losses from the wildfires added to the sharp selloff, with the company projected to be on the hook for $150 million. California accounts for approximately one-fifth of homeowners’ insurance premiums the company receives.
Bonnie Lee, vice president of property claims at Mercury Insurance, stated that the company will be ready to assist anyone who the fires have impacted.
Shares of Allstate tumbled 7 percent, Chubb declined 3 percent, and American International Group (AIG) dipped 1 percent….