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This could see it surpass the 2017 Camp Fire, which cost around $12.2bn. -
Moody’s also expects losses in the billions of dollars.
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Six wildfires are now burning in SoCal, with the Palisades fire being the largest.
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Six fires now cover more than 27,000 acres across Southern California.
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The fast-moving blazes have prompted evacuations across the city.
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More than 4,000 acres are burning as thousands evacuate.
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CA insurers can now use forward-looking cat models in ratemaking.
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Insurers are also required to increase coverage in wildfire-prone areas.
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California’s crisis spurred the biggest reforms in decades.
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The regulations are part of a state effort to expand wildfire coverage.
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Wildfire risk destabilized the state’s market, spurring regulator attention.
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Malibu, which has 10,000 residents, posted on social media on Wednesday that the fire was 7% contained.
