Many insurance companies in the U.S., including Allstate Insurance, are canceling policies for homeowners in California due to the increasing risk of wildfires. It is expected that owners of 16,600 properties will seek claims, which will cost insurance companies between 35 and 45 billion dollars. Allstate Insurance will pay 1.1 billion dollars for damages caused by fires in Southern California, but it has managed to limit losses by withdrawing from the market.
Insurance firms in California cancel policies due to wildfires.
