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flag European insurers face $3.5 billion loss from California wildfires, raising total insured losses to $40 billion.

flag European insurance companies are facing a $3.5 billion loss due to the recent California wildfires, surpassing initial estimates. flag Major firms from Germany, the UK, Switzerland, and France are affected, with Swiss Re raising the insured losses estimate to $40 billion. flag This disaster is one of the most costly in California's history, with economic losses around $50 billion.

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