While this is undoubtedly the case for some insurance companies, most of the well-run insurance companies (Chubb, AIG, State Farm, etc.) left the California market in 2023 -- specifically because of the unaddressed wildfire risks. Notable exceptions: Travelers, USAA, Nationwide, Mercury Insurance, Farmers. But... and this is a big but... outside investors won't know for a while how much reinsurance will mitigate losses for the primary carriers. And... this entire situation will, hopefully, lead California to reconsider its regulation around insurance rates. The way to lower insurance rates isn't by passing a law that forbids them, it's by taking action to mitigate fire risks, to lower the cost of construction, and to limit plaintiff's awards sensible damages. Socialism = societal failure.