Wildfires causing a crisis in California’s insurance market
California is grappling with an alarming wildfire crisis, characterized by an increase in the frequency and severity of fires over the past decade. In the last seven years, nine of the ten largest fires and thirteen of the twenty most destructive fires in the state’s recorded history have occurred. Southern California recently experienced three severe wildfires, with firefighters needing over two months to contain the fourth-largest fire ever. Since 2017, these catastrophic wildfires have inflicted over $30 billion in damages, exacerbating environmental and economic challenges across the state.
The combination of climate change, prolonged droughts, and increasing human development in fire-prone areas has intensified the crisis, stretching firefighting resources thin and posing a persistent threat to residents, infrastructure, and ecosystems.
https://www.wired.com/story/fire-insurance-wildfires-california-state-farm-allstate-liberty-mutual/
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