Big Take A Wildfire Disaster and an Insurance Crisis Collide in Los Angeles
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Jan 9, 2025 Leslie Kaufman, a Bloomberg reporter focused on climate change's effects on the insurance industry, sheds light on the disastrous wildfires ravaging Los Angeles. She discusses the harrowing evictions of nearly 180,000 residents and the devastating impact on property insurance. The conversation delves into the flaws of California's insurance system and the alarming trend of private insurers withdrawing from high-risk areas. Kaufman highlights the pressing need for federal aid, as communities face critical decisions about rebuilding amidst a fraught insurance landscape.
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Evacuation Story
- Patrick Netter, 72, evacuated his Palisades home due to the LA wildfires.
- He packed memorabilia and photos, unsure if his insurance would cover his losses after a previous rejection.
Unique Fire Conditions
- This LA wildfire is different due to the lack of rain during the usual rainy season, exacerbated by warmed ocean temperatures.
- The fire's location in the densely populated, high-value Pacific Palisades poses unique challenges for firefighters.
Insurance Landscape
- Californians rely on private insurance and the state's Fair Plan.
- Private insurers, like State Farm, are withdrawing from high-risk areas, increasing reliance on the untested Fair Plan.