US insurers faced sharp declines as wildfire loss estimates in Los Angeles surged to $20 billion, marking one of the costliest natural disasters in recent history, Reuters reports.
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Los Angeles Mayor Karen Bass addressed criticism over the city’s handling of recent wildfires, emphasizing coordinated response efforts and resource allocation to protect residents and contain the blazes, ABC News reports.
L.A.-based Farmers Insurance leads a recent survey of major California home insurers with the lowest claim denial rates. The findings highlight Farmers’ commitment to customer service amid rising industry scrutiny.
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