As damage from the Los Angeles fire spread, shares of insurance companies linked to the California real estate market were sold off sharply on Friday. Allstate (Allstate) shares fell 4% in early trading, while American International Group (AIG), Chubb (Chubb), and Travelers Insurance (Travelers) each fell about 2%. All four stocks were the biggest losers in the S&P 500 index on May morning. According to J.P. Morgan Chase data, Allstate, Chubb, and Travellers Insurance are the three most vulnerable to fire insurance losses. The Wall Street firm notes that due to Adachi's focus on high-net-worth assets in the Los Angeles region, its risk exposure may be particularly high. This week's devastating fire in Los Angeles is likely to be the costliest fire in California history. According to an estimate from J.P. Morgan Chase on Thursday, insured losses from this week's fires could exceed 20 billion dollars. Damage is estimated to be higher if the fire continues to spread. (Global Market Report)