California Wildfires Could Cost Insurers $20 Billion, Highest in State History

Recent wildfires in California may become the most expensive in state history for insurers, with estimated losses reaching $20 billion. These figures highlight the consistently increasing risks associated with climate change and the scale of disasters that can severely impact the economy of the state and financial markets. The escalation of the situation has been fueled by a series of extreme weather events, including severe droughts and high temperatures, which contributed to the flame outbreaks, exhausting local populations and ecosystems.

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