Jan 22 (Reuters) - Global analytics firm Verisk

expects insured property losses from the Palisades and Eaton

fires in the range of $28 billion to $35 billion, one of the

highest loss estimates from the industry.

The insured losses from the Palisades fire is estimated

between $20 billion and $25 billion, while losses from the Eaton

fire could be between $8 billion and $10 billion, Verisk said.

WHY IT'S IMPORTANT

The Palisades fire between Santa Monica and Malibu on Los

Angeles' western flank and the Eaton Fire in the east near

Pasadena already rank as the most destructive in the city's

history.

U.S. as well as European insurers are expected to face

catastrophe-related claims worth billions of dollars from the

disaster, which analysts estimate will be the costliest ever in

California.

Citi earlier warned that Europe's big four reinsurers -

Munich Re, Swiss Re, Hannover Re and Scor - will have used up

around a third of their 2025 natural catastrophe budgets in the

first two weeks of the year.

CONTEXT

Insurers have been hit by rising catastrophe claims from

several wildfires and other natural disasters over the past

couple of years. The LA fires create a further dent to their

catastrophe claims budgets.

Raging Los Angeles wildfires have destroyed hundreds of

homes and stretched firefighting resources and water supplies to

the limit. Several Hollywood celebrities lost their homes as

wildfire spread to their neighborhood.