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California Was Already Facing an Insurance Crisis. The Deadliest Wildfires in State History Are Making It Even Worse

November 12, 2018

Via: Fortune

The Camp Fire in Northern California and the Woolsey Fire in suburban Los Angeles continue to burn, with the death toll reaching 31 as weather remains dry throughout the state. More than 6,700 structures have been lost in the raging fires in California. The total cost to the state, insurers and homeowners is expected to top $19 billion.

Fire insurance was already an issue in California before the most recent blazes started. Premiums are on the rise for homeowners in areas at risk of wildfires, and some insurers are refusing to renew policies for people in danger areas. Insurers in California lost nearly $16 billion last year, four times their losses in 2016, reports insurance credit rating agency A.M. Best.

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