Insurers exposed to California homeowners saw sharp stock declines Friday due to the growing devastation of Los Angeles wildfires. Allstate shares dropped 6, while Chubb and Travelers declined more than 3. AIG and Progressive saw losses of over 1. JPMorgan identified Allstate, Chubb, and Travelers as having the highest exposure to insured wildfire losses, noting Chubb’s vulnerability due to its focus on high-net-worth clients in the region. The insured losses from the wildfires could exceed $20 billion, according to JPMorgan. Moody’s predicted billions in losses due to the high property values in the affected areas.