As firefighters in California continue to battle multiple wildfires around Los Angeles, experts are sounding the alarm about a pending crisis in the insurance industry that would have enormous implications for the state’s recovery effort — and how homeowners rebuild.
“I think we’re on the edge of a major financial crisis for the insurance industry,” says Daniel Aldrich, a Northeastern professor, director of the university’s Resilience Studies Program and co-director at the Global Resilience Institute.
Early estimates of insured losses from the Pacific Palisades fire are hovering around $10 billion, reports show. The total losses for Los Angeles are projected between $20 billion and $50 billion.
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