By Tom Sims and Alexander Hübner FRANKFURT (Reuters) -German reinsurer Munich Re reported a 48% drop in first-quarter net profit on Tuesday, pressured by 1.1 billion euros ($1.22 billion) in claims from the Los Angeles wildfires earlier this year.

A new wildfire was reported today at 11:21 p.m. in Los Angeles County. The wildfire has been burning on private land. There is currently no information on the containment of the fire and its cause remains undetermined.

After the Palisades fire destroyed or seriously damaged more than 6,000 homes in Pacific Palisades and surrounding areas, Los Angeles Mayor Karen Bass and L.A. County leaders pledged to streamline permitting procedures for property owners who want to rebuild.

Germany's largest reinsurers, Munich Re and Hannover Re, reported sharp declines in first-quarter profit on Tuesday after a combined 1.7 billion euros ($1.89 billion) in claims relating to the Los Angeles wildfires this year.

As Israel battled a series of raging wildfires amid extreme weather, social media posts shared a dramatic video showing flames sweeping across a hillside falsely claiming it showed a recent blaze near Jerusalem.

Munich Re’s first-quarter profit slumped by almost half as losses from wildfires that ravaged swaths of the greater Los Angeles area weighed on earnings.

German reinsurer Munich Re on Tuesday posted a 48% drop in net profit in the first quarter, a decline resulting from 1.1 billion euros ($1.22 billion) in claims due to the Los Angeles wildfires earlier in the year.