Financial losses stemming from the California wildfires earlier this year have risen to at least $3.5 billion for European insurance giants, according to CNBC’s calculations. The insured losses, mainly from reinsurance claims, are being borne by 10 large, listed firms in Europe, mainly centered in Germany, the U.K., Switzerland and France. Germany-listed Munich Re and Hannover Re , two of the largest reinsurance firms, together booked nearly $2 billion in losses . Switzerland-listed firms Swiss Re and Zurich collectively reported $830 million in hits. London-listed companies Hiscox , Lancashire Insurance , Conduit Re and Beazley reported losses of amounting to nearly $500 million. French companies Scor and AXA also reported $167 million and $100 million losses, respectively. The total hit far exceeds the billion dollars expected from analysts in the immediate aftermath of the wildfires. While the total economic loss due to the disaster was expected to be around $50 billion , JPMorgan analysts had expected insured losses of around $20 billion. Berenberg analyst Michael Huttner told CNBC that the losses were much larger than anticipated at most insurance firms because the wildfires were a “combination of unusual and big.” The uncontained nature of the wildfire was one factor leading to the large losses, he said. However, the analyst added that profits generated by the companies far exceeded expectations, and pointed to the resiliency of the sector amid large natural disasters. In late April, Swiss Re further raised the estimate for insured losses to $40 billion from the LA fires, making it one of the deadliest and most expensive disasters for California. The death toll from the wildfires that ravaged the greater Los Angeles area, covering Eaton and Palisades, rose to 30 after human remains were found among the charred houses. Millions have been displaced, and thousands of homes and buildings have been destroyed. CNBC’s tally would leave European companies on the hook for nearly a tenth of total insured losses. Reinsurance firms offer policies to primary insurance providers, like Chubb , which are present in California and directly deal with customers on the ground. The reinsurance policies typically only kick in after about 400 million euros worth of losses are absorbed by the primary insurance provider. Outside of Europe, Japanese reinsurers Tokio Marine and Sompo disclosed nearly 50 billion yen ($348 million) in losses, significantly higher than the $63 million estimated by JPMorgan analysts in the days after the fire. If Swiss Re’s forecast for total insured losses comes to fruition, the Los Angeles wildfire would be four times more devastating than wildfires of the past. In 2018, wildfires in California cost the whole industry around $16 billion in losses. During that event, Munich Re absorbed the largest share of the loss at 500 million euros. The experience of that disaster and others has led to per-event deductibles (or excess) rising from 100 million euros to 400 million euros today. The losses to insurers, both in the U.S. and Europe, have also been partly reduced by the introduction of the FAIR Plan, a pooled fund built with contributions from multiple insurance providers in California. The system is expected to absorb the bulk of the losses first before private insurance companies begin paying out.