Insurance companies to pay out over $10 billion to victims of California wildfires

Insurance companies are preparing for payouts of $10 billion due to the devastating wildfires in California.

According to Financial Times, this figure is based on preliminary estimates of the damage caused by the natural disaster. The fires that swept the state destroyed thousands of hectares of forest, thousands of residential and commercial buildings, and caused significant damage to infrastructure.

The natural disaster led to mass evacuations. Tens of thousands of people left their homes, fleeing the fire, which is spreading due to strong winds and high temperatures. The problem is exacerbated by the dry conditions that have been characteristic of the region in recent years.

Meanwhile, some companies withdrew from insuring property in California as early as last year.