Insurance market says fine art losses were limited because rich residents took such possessions with them

Lloyd’s of London expects losses of $2.3bn (£1.78bn) from the California wildfires that ravaged Los Angeles this year, but fine art losses were limited because rich residents took their prize possessions with them.

The Eaton and Palisades blazes in Los Angeles in early January killed 29 people and were only fully contained after 24 days, having burned more than 14,973 hectares (37,000 acres) and destroyed more than 16,000 buildings.