Severe and frequent natural disasters have hastened the insurance industry's retreat from high-risk areas, particularly Florida and California.

The most destructive wildfires ever for Los Angeles may cause billions of dollars in insured losses, ratings agencies said on Thursday, though many homes are likely uninsured. The wildfires burning in the Pacific Palisades,

A woman in Altadena named Fran told NewsNation on Thursday that wildfires decimated her home in California some 26 years after her family moved into the beloved residence. "We did the floors, and we put in windows and doors and painted,

The potential cost for insurers of the devastation caus Los Angeles wildfires is now expected to surpass $20 billion, according to analysts at JPMorgan Chase & Co., doubling their estimate from just a day before.

An analysis by J.P. Morgan estimates that the insured losses from the Southern California wildfires could exceed $20 billion and push overall economic losses to $50 billion.