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The ongoing wildfire crisis significantly threatens insurers' profitability and operational viability.
What happened, with direct paths to the underlying reporting
California wildfires caused severe damage, affecting thousands of properties. Insured losses may exceed $8 billion, indicating immense market impact. Major insurers like State Farm ceased new policies due to wildfire risks. The Fair Plan's exposure increased 61% to $458 billion amid rising claims. Rooted issues could stall progress in California's home-insurance recovery.
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