BUZZ-Insurance industry losses from Los Angeles wildfires to be high but manageable, JPM says

** J.P. Morgan says the overall insurance industry losses from the Los Angeles wildfires are likely to be high but manageable

** A wildfire raged across Los Angeles on Tuesday destroying numerous buildings and causing jams as over 30,000 people were evacuated

** Brokerage says very preliminary estimates indicate insured losses from the fire could approach $10 bln

** JPM expects the losses to be confined mostly to the homeowners' insurance businesses at Allstate ALL.N, Travelers TRV.N and Chubb CB.BN given they are the most exposed carriers to the California homeowners' market

** Adds that primary insurers are likely to incur more of the losses and reinsurers less, mostly due to the increase in reinsurance attachment points since 2023

** Attachment point refers to the threshold at which an insurance policy begins to provide coverage for a loss

** Reinsurers in recent years have increasingly shifted the risk of catastrophe losses toward primary insurers to reduce their loss burden

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com))