Insurance Industry Faces Massive $20 Billion
in Losses Due to Wildfires
PJ Media,
by
Rick Moran
Original Article
Posted By: Dreadnought,
1/12/2025 2:40:07 PM
The insurance industry in California was already reeling from a combination of natural disasters and the political disaster known as the Democratic Party in California.
As for the former, the combination of too few controlled burns, drier-than-normal weather, and idiotic zoning regulations pushing people into fire-prone areas all contributed to a situation that only needed someone to light a match. And someone did.
The sheer idiocy of California Democratic Party officials preferring to embrace environmental posturing
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Reply 1 - Posted by:
planetgeo 1/12/2025 2:56:32 PM (No. 1872052)
The insurance industry only temporarily suffers losses. Guess who pays for it...YOU do. Wherever you may happen to live.
23 people like this.
Reply 2 - Posted by:
bighambone 1/12/2025 3:08:59 PM (No. 1872060)
The insurance industry should keep their premium increases in California, and the other State governments should take whatever action that is necessary to ensure that the premium increases are not thrust on their residents who had nothing to do with the California leftist and progressive Democrat leadership and political agenda that the people of California voted for that increased the wildfire chances throughout California.
23 people like this.
Reply 3 - Posted by:
Hermit_Crab 1/12/2025 3:18:34 PM (No. 1872061)
I have a feeling that the real, eventual personal and societal losses from this debacle and disaster will total closer to a TRILLION dollars.
And the low figure of $20 billion losses to the insurance industry is because many of the insurance companies were smart enough to get the heck out of there , cut their customers adrift BEFORE this happened.
9 people like this.
Reply 4 - Posted by:
Vaquero45 1/12/2025 3:21:39 PM (No. 1872062)
I’m surprised there are ANY insurance companies still doing business in California. $20 billion is a very low estimate.
California brought this on themselves.
15 people like this.
Reply 5 - Posted by:
Dodge Boy 1/12/2025 3:27:09 PM (No. 1872063)
As #1 very astutely notes, any losses like these are just short-term cash losses. In the bigger picture, your insurance premiums help finance the insurance industry's play into the world's central banks' desire to continue owning and controlling the world's monetary system.
Guess who owns and controls nearly all of the world's central banks including our own Federal Reserve which is a private corporation? You guessed it - the House of Rothschild. But, of course, give due credit to the Warburgs, the Rockefellers, the Windsors, and the Vatican. For additional perspective, Georgie Boy Soros is a mere uber-wealthy disciple in the eyes of the R family. He, too, understands how his bread is buttered. As does Zuckie Boy, Bozos, Buffett, Musk, and {fill in the blank}.
10 people like this.
Reply 6 - Posted by:
Snow Possum 1/12/2025 3:38:41 PM (No. 1872064)
A well run insurance business would have anticipated such an event to start with. There were non-actuarial people who saw this coming so the pros certainly should have.
7 people like this.
Reply 7 - Posted by:
Jesuslover54 1/12/2025 3:47:28 PM (No. 1872067)
BlackRock doesn't care, they're just waiting to swoop.
7 people like this.
Reply 8 - Posted by:
DVC 1/12/2025 4:16:40 PM (No. 1872081)
The well run insurance companies recognized that they had no chance to survive financially under the California government restrictions, and they bailed out in time.
9 people like this.
Reply 9 - Posted by:
bpl40 1/12/2025 4:20:43 PM (No. 1872085)
The way insurance works ultimately we ALL pay. Not just Californians.
7 people like this.
Reply 10 - Posted by:
stablemoney 1/12/2025 5:15:45 PM (No. 1872111)
It is looking like taxpayers are going to suffer a $150 billion loss, and none of them insured any property in California.
3 people like this.
Reply 11 - Posted by:
Strike3 1/12/2025 5:53:57 PM (No. 1872122)
Yet they still sold insurance there and collected lots of nice premiums when things were not burning.
4 people like this.
Reply 12 - Posted by:
preciosodrogas 1/12/2025 7:52:25 PM (No. 1872161)
The insurance companies will cover some of the damage and it will hurt cash flow. They in turn will sue the state and local governments and anyone else they can think of. The individuals responsible for this disaster will likely get sued by the insurers to cover their loss. All the damaged individuals will bring their suits as well. (Those like Newson will skim off the billions Biden is sending after all Biden did say we would paid 100%, so they won't feel the pain.) The insurers will also have the greatly valued real estate to nurse their wounds. The non-governmental infrastructure folks will also seek their fair share. All the lawyers will live large on this one. It's the taxpayers who will eventually pay, like Biden said, we will pay 100%. Certain people need to go to prison over this one.
3 people like this.
Reply 13 - Posted by:
chumley 1/12/2025 10:11:36 PM (No. 1872196)
You can bet those filthy crooks are scratching for ways to not pay claims. Read your insurance policy. No matter what happens, they have a loophole to not pay. The entire industry is a scam. If they pay any claim its because the amount is too insignificant to matter.
3 people like this.
Reply 14 - Posted by:
Birddog 1/13/2025 4:48:43 AM (No. 1872248)
Nooo....Biden already said that HE was assuming 100% of costs for damages, and for the responses. Gave his word, "As a Biden", Take it to the Bank.
1 person likes this.
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