The forecast for damages from recent LA fires has tripled to $150 billion, intensifying California’s mounting insurance crisis. Experts warn the state faces an existential threat as insurers pull back coverage, risking widespread economic fallout.
Browsing: Wildfire Damage
Early estimates suggest Los Angeles wildfires may become the costliest in US history, with extensive damage to homes and infrastructure. Recovery efforts intensify as officials assess the full impact.
California’s FAIR Plan, the insurer of last resort for wildfire-prone homes, faces possible bailout after devastating L.A. fires. Claims surge raises concerns over the program’s financial stability, officials say.
Economic losses from the recent L.A. wildfires may exceed $50 billion, potentially ranking them among the costliest natural disasters in U.S. history, officials report. Recovery efforts face significant financial challenges.