Sputnik International The devastating wildfires wreaking havoc on Greater Los Angeles are shaping up as one of the greatest disasters in US history, destroying or scorching over 9,300 homes, businesses and other buildings, and causing up to $150 billion in damage. Here’s how the disaster could affect the insurance sector, and tens of millions of ordinary Americans.
Stuck in the middle of the crisis are California’s major insurance companies, some of whom managed to flee before the disaster began, while others, including the state-backed FAIR Plan, face payouts that could bankrupt them.
Major insurers who’ve either halted the issuance of new policies or quit California entirely in the last five years include Allstate, AIG, American National, AmGUARD, Falls Lake, Chubb, Travelers, Farmer’s and The Hartford.
Nationwide announced last year that it would withdraw from California by June 2025. State Farm, until now the state’s largest home insurer, started halting renewals to policies in early 2024, cancelling over 72,000 to date.
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