In 2019, the number of homeowners’ policies in California that were not renewed jumped by more than thirty per cent. In 2023, two giant insurers, State Farm and Allstate, announced that they would stop writing new policies for various forms of property insurance in California.

Key Takeaways Insurance company shares dropped as the massive wildfires in California are now estimated to have caused $135 billion to $150 billion in damage and economic loss.AccuWeather said the costs from the deadly blazes could go substantially higher.