Insurance stocks are set to collapse:

LA wildfires have officially spread over 40,000 acres with insurance losses crossing $20 billion.

Since the market closed on Friday, estimated damages have TRIPLED to $150 billion.

Could this cause an economic ripple effect?

(a thread) https://t.co/08ymnjYPUQ

LA Wildfires Economic Damage Update:

1. Insurance companies have lost $19 billion of market cap not accounting for this weekend's events

2. Total estimated damages have tripled to $150 billion

3. California's FAIR Plan losses now exceed $24 billion

4. Over 40,000 acres of…

The Kobeissi Letter

https://x.com/KobeissiLetter/status/1878561308070568061