Travelers sees $1.7B in losses from California wildfires

(Bloomberg) --Travelers Cos. said it expects about $1.7 billion of pretax losses from the wildfires that devastated Los Angeles last month.

The estimate includes losses from the company's personal and commercial segments, as well as assessments from the California FAIR Plan and recoveries from reinsurance, the New York-based company said in a statement Tuesday.

January's wildfires burned down more than 16,000 homes and businesses, and devastated the Pacific Palisades and Altadena neighborhoods.

Read More: LA Wildfire Costs Double to $20 Billion Overnight for Insurers

Travelers is the latest insurance firm to disclose its estimated losses from the fires. Allstate Corp. said it expects about $1.1 billion in losses, while Chubb Ltd. forecast $1.5 billion in losses.