Zurich Insurance expects that the devastating wildfires that struck southern California in January will lead to $200 million in pretax losses, it said as it reported better-than-expected results for 2024.

Zurich Insurance reported slightly higher-than-expected annual operating profit on Thursday, as insurers ride out the impact of climate disasters and wars. It also said it will propose the election of Thomas Jordan,

The devastation caused by the twin blazes has raised fresh questions about whether the state — and its top insurance regulator, Ricardo Lara — have done enough to protect homeowners.