California's insurance industry was already in crisis. Now the wildfires in the Los Angeles region may upend efforts to stabilize the market.
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Though the cause of the blaze in Los Angeles has yet to be established, commentators are already making familiar claims that climate change is igniting more wildfires in California — a thesis with no basis in fact.
The fires in and around the second-largest city in the US have also left a "number of significant injuries," according to city fire officials. At least 100,00 Los Angeles residents have been urged to evacuate.
An analysis by J.P. Morgan estimates that the insured losses from the Southern California wildfires could exceed $20 billion and push overall economic losses to $50 billion.
The wind-driven wildfires burning out of control in the Los Angeles area couldn't have emerged at a more perilous moment for California's homeowners, as officials try to rehab what they concede is a deepening "insurance crisis."
The Pacific Palisades area ravaged by wildfires in Los Angeles is one of the most expensive neighborhoods in the US. And ahead of this week's disaster, its insurance costs were among the most affordable in the country, according to a Reuters analysis of insurance and real estate industry data.
In today’s newsletter: The danger from fires like those raging near Los Angeles are only expected to grow, as the climate crisis and the state’s dense population sparks more superspreaders
The state’s troubled home insurance market is certain to command legislative attention this year. The fires in Los Angeles may end up being one of the nation’s most expensive disasters.
Wildfires continued to rage in Los Angeles late Thursday, decimating neighborhoods and raising questions about the future of California’s already troubled property insurance market.
WASHINGTON — The massive wildfires that have killed 10 people in the Los Angeles area and caused billions of dollars in property damage are the latest sign of the growing threat posed by climate chang
By Majlie de Puy Kamp, Curt Devine, Casey Tolan, Blake Ellis, Melanie Hicken, Rob Kuznia, Scott Glover, Yahya Abou-Ghazala, Audrey Ash and Nelli Black, CNN (CNN) — Even as flames in Southern California continued to carve a destructive path on Friday and fire officials sought to assess the damage and…
