At least 10 people are dead and many more injured as several fires broke out across Southern California amid historically dry and windy conditions.

Early estimates show that the total damage and economic loss due to the Los Angeles wildfires is between $135 and $150 billion.

In 2019, the number of homeowners’ policies in California that were not renewed jumped by more than thirty per cent. In 2023, two giant insurers, State Farm and Allstate, announced that they would stop writing new policies for various forms of property insurance in California.

The Los Angeles wildfires could threaten California’s already unstable insurance market, which carriers have been fleeing as disasters multiply.

Insurance companies and rates haven’t kept up with increasingly catastrophic events like the California wildfires or hurricanes that recently hit Florida, Tennessee and North Carolina. It can put