Growing risks of wildfires have led insurers to drop thousands of homeowners in the most vulnerable areas, according to the California Department of Insurance. But people spend a lot of time arguing about the long term solution when a house is burning down.A government-backed program could be modeled on state-run insurers of last resort, such as the California Earthquake Authority, which cover natural disaster risks that are too steep for private property insurers to take on, said Wilson. Thats on top of what Moodys estimates could be as much as$8 billion in losses resulting from dozens of wildfires on the West Coast this summer which scientists say were partly fueled by climate change. Insurers are bracing for about $4.3 billion in insured losses from Hurricane Zeta in the United States, catastrophe modeling company Karen Clark & Co said on Monday, adding that this year has seen a record number of named storms making landfall. WASHINGTON (Reuters) - Allstate Corp ALL.N wants a potential Democratic administration to back a taxpayer-funded program that would pay for losses caused by the largest climate-change fueled natural disasters, the Illinois-based insurer's chief executive said.
The estimated cost for putting back the policy would be about $7.9 billion.
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The estimated cost for putting back the policy would be about $ 7.9 billion .
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