California Wildfires Threaten Insurers Already Teetering From Climate Shocks
California Wildfires Threaten Insurers Already Teetering From Climate Shocks
www.nytimes.com California Wildfires Threaten Insurers Already Teetering From Climate Shocks
Companies started pulling back from the state as earlier fires made it harder to turn a profit. Experts warn the exodus could grow.
I'll note that a large chunk of the burned properties depend on the state-run FAIR plan, which provides much weaker coverage (eg: not replacement cost) than private insurers. The FAIR plan also has limited reserves, which it will replenish by issuing an assessment on commercial insurers and their policyholders.
