Moody's Expects L.A. Wildfires to Increase Property Insurance Costs Across State.

Moody's Ratings predicts that the Los Angeles wildfires will lead to increased property insurance costs throughout California, exacerbating existing challenges in pricing and availability. Initial estimates suggest insured property losses from the fires could reach up to $30 billion, with various catastrophe modelers projecting losses between $28 billion and $45 billion. The fires have prompted discussions about revising California's insurance laws, including allowing reinsurance rates to influence homeowners insurance rates and using catastrophe models for rate-setting. [Extracted from the article]