Thursday, January 9, 2025 8:35PMThe multiple wildfires raging in California are being described by eyewitnesses as "apocalyptic." While the cost in human suffering is immeasurable, it may take weeks or longer for the true economic toll to be realized.
stopped issuing new homeowner policies in the state in 2022 and said last year that it would reverse its decision if it was allowed to account for the costs of reinsurance when setting rates.The Hartford stopped writing new homeowners policies in the state on Feb. 1, 2024. American National stopped offering policies in the state on Feb. 29, 2024. Those companies did not respond to ABC News' request for comment on the fires or on coverage going forward.
Critics of the rule say it could hike insurance premiums by 40% and doesn't require new policies to be written at a fast enough pace.This satellite image provided by Maxar Technologies shows the Eaton Fire on Wednesday, Jan. 8, 2025, in Altadena, Calif.The new rules are set to take effect at the end of January following a 30-day review period; but for many Californians, that regulation will come too late.
, "The fires in Los Angeles may go down, in dollar amount, as the worst in the History of our Country. In many circles, they're doubting whether insurance companies will even have enough money to pay for this catastrophe."