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California wildfires are now a near-annual crisis. In 2024 alone, over 1 million acres burned across the state, fueled by more than 8,000 wildfires. Since 2017, insured losses have reached $67 ...
Insurance stocks like Allstate, Progressive and Chubb fell on Thursday as analysts expect wildfires in LA to pose over a $20 billion hit to the industry.
"Premiums are increasing in fire-prone areas because insurance companies are dealing with more claims and bigger payouts," says Nick Ramirez, a California-based Goosehead insurance agent. "It’s ...
In the months before thousands of Los Angeles homes went up in flames, property insurance companies dropped coverage in many neighborhoods of the city, citing the growing wildfire risks caused by ...
As the Palisades and Eaton fires wreak havoc on Los Angeles, the state insurance commissioner is taking action to protect home insurance policy owners California bars insurers from dropping fire ...
State Farm Insurance, the largest insurance company in California, is asking regulators for the OK to raise property insurance rates by 22 percent just weeks after fires ripped through Los Angeles ...
The financial fallout from the fires may also deliver a fatal blow to California’s crumbling insurance industry. Many leading providers like State Farm and Costco have already restricted or ...
“Insurance companies have seen a significant number of these events over the last five or 10 years,” Firas Saleh, director of wildfire models for North America at Moody’s, told ABC News. The ...