January 9, 2025 • 14 mins
Deadly wildfires in the Los Angeles area have forced nearly 180,000 residents to evacuate their homes. As they wait to learn the extent of the damage, another crisis is on the horizon: whether private and state-funded insurance can handle a disaster on track to be one the worst in the region’s history.
Today on the show, Bloomberg Green reporter Leslie Kaufman discusses why this fire has been so destructive and the state of wildfire insurance in California.
Read more: Los Angeles Fires Become Existential Test for California’s Stopgap Insurer
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news technology. Can I ask
where you live?
Speaker 2 (00:12):
Pellick Well, I used to.
Speaker 1 (00:13):
Live in the Palisades. Patrick Netter is seventy two years old.
He spoke with Bloomberg reporter Michelle ma on Wednesday night
from an evacuation shelter in Westwood, Los Angeles. Just a
day earlier, Patrick had started his morning with a walk
in his neighborhood, sow fun.
Speaker 2 (00:30):
The bluffs of the Palisades.
Speaker 1 (00:32):
It's a magical basil. Hours later, he was told to evacuate.
A brushfire that sparked on Tuesday morning near the Pacific
Palisades had started to spread, spurred on by the notoriously
strong Santa Ana winds.
Speaker 2 (00:46):
The smoke it was hilacious.
Speaker 1 (00:49):
I put stuff in two big boxes of just memorabilian
and photographs. By Thursday, the neighborhood that Patrick described as
magical had been destroyed. That Palisades fire and several others
that erupted in Los Angeles County this week, have now
burned over twenty nine thousand acres. Nearly one hundred and
(01:09):
eighty thousand residents have been told to leave their homes.
Speaker 2 (01:13):
I mean they called it a warzone, ap apocalyptic.
Speaker 1 (01:16):
It is unbelievable.
Speaker 2 (01:18):
It is on track to be one of the most
destructive in the area, possibly ever.
Speaker 1 (01:23):
That's Leslie Kaufman, a Bloomberg reporter who covers climate change,
including its effects on the insurance industry. She says it
will take time to put out the fires that are
still ravaging Los Angeles, and even more time for residents
like Patrick to figure out next steps and assess the damage.
Patrick heard that the house next to his burned down
(01:44):
and things his must have too. I don't say anything
is going to be there the heat of that fire, don't.
I would be surprised if there is anything. Patrick is
now trying to figure out where he's going to live
and whether he has an insurance policy that will cover
any of his losses. He only moved to the Palisades
eight months ago, and he says his first insurance application
(02:05):
was rejected. He isn't sure if it ever got approved.
Speaker 2 (02:09):
Maybe it was because it's Palisades or whatever.
Speaker 1 (02:11):
There was an issue and I didn't and I didn't.
Speaker 2 (02:15):
People are losing entire homes and that's got to be terrifying.
It's terrifying under normal situations, but it's especially terrifying now
because people don't have a lot of faith in their
insurance policies.
Speaker 1 (02:29):
This is the big take from Bloomberg News. I'm Sarah Holder.
Today on the show, I talk with Leslie about the
fires in Los Angeles and whether California's insurers are prepared
to handle the fallout. Leslie, we're talking on Thursday afternoon.
(02:51):
Los Angeles has been burning since Tuesday morning. What started
as a brush fire in LA's Pacific Palisades neighborhood east
of Malibu has spread to become one of the most
destructive natural disasters in the region's history. The uncontrolled wildfies.
Still residents are fleeing from burning homes through flames, ferocious winds,
(03:11):
and towering clouds of smoke. Preliminary reports estimate the damage
or destroyed structures to be in the thousands. You've covered
wildfires in California and elsewhere in the past. What makes
this fire different.
Speaker 2 (03:26):
Well, we're watching the climate change component of this fire,
first of all, very closely, and it's very important to
note that this would in traditional times have been rainy
season in Los Angeles. It is not anymore. The ocean
is warmed enough that we are seeing a complete change
or a ongoing change in how that whole area will
(03:48):
function environmentally, which is there should be rains now, so
that if the Santa Ana winds were coming, they wouldn't
be blowing fire. Now there is no rains. There hasn't
been meaningful rain since April. So that's one of the
things that makes it different. The other is the location
of one of the fires and Pacific Palisades. There are
(04:09):
a lot of fires in the regions, but Pacific Palisades
has always been something that insures particularly worry about. It's
a lot of very valuable homes right next to each other.
And we're not talking little homes. We're talking big, mega,
million dollar mansions. Yet they're piled on top of each
other on these gorgeous hills that overlook the ocean. I've
(04:29):
been there, I've hiked there, but not easy to access.
The whole point of this is that it's away from
the highways, away from the hustle and bustle, so very
hard to get in and out of those neighborhoods, especially
with fire trucks.
Speaker 1 (04:41):
And as we look towards getting this fire under control,
what might it take and how long could it take?
Speaker 2 (04:49):
It's going to require incredible resources. The federal government has
said they will step in and help out. We had
a story saying the Pentagon was offering to help out.
They also need some luck. They need those winds to
die down. It's very hard to fight fire when you
have fast winds and dry climates. Sparks just go places.
So we've got a hope for some luck as well.
Speaker 1 (05:12):
Can you paint a picture of the kind of destruction
that's happening in these neighborhoods right now?
Speaker 2 (05:16):
Well, I have family out there, and we have reporters
out there. So there's people who have been evacuated and
don't know where to go. They're people have lost entire homes,
and that's got to be terrifying. It's terrifying under normal situations,
but it's especially terrifying now because people don't have a
lot of faith in their insurance policies. So it's an
(05:39):
incredible dislocation for that city and for the people that
are there. My sister lives there and has her bags
packed all the time. I think that must psychologically be brutal.
Speaker 1 (05:50):
So far, Leslie says her sister hasn't been ordered to evacuate,
coming up. California's insurance system was already on the brain
of crisis before this week's blaze. Will it be strong
enough to help Los Angeles residents rebuild what they've lost?
(06:12):
Thousands of people are still in the throes of this crisis.
They're figuring out where they'll be staying in the short
and long term, what belongings they can salvage from their homes.
But one of the things people also might be thinking
about right now is how they'll be made whole when
the dust settles, whether insurance will help them cover their losses.
And Leslie, you've been writing about insurers pulling out of
(06:33):
wildfire zones in California for years and the huge gaps
in coverage that's created. Is California's insurance system prepared to
handle this fire?
Speaker 2 (06:46):
Wow? This is the question we're all waiting to find out,
and that's a little bit scary. California insurance, like a
lot of places these days, has two big pieces. It's
got private insurance like State Farm, the state's largest insure,
and then it's got the pub lonsure of last resort,
which is the California Fair Plan. State Farm has been
pulling out slowly some insurers have left completely. State Farm
(07:10):
in particular, canceled a lot of policies last year in
the Pacific Palisades and in Malibu, basically saying the risk
here is too high. The Fair Plan took on a
lot of those people. It has yet to really face
this magnitude of a catastrophe, so we don't know how
well it's going to do. We do know that unlike
a private insurer which can go bankrupt, the Fair Plan cannot.
(07:34):
If they have to, they will put an assessment on
the insurance companies and on private policy holders, but that
could be a big price. We can say for sure
they will be impacts to the housing market and to
the insurance market, and they will not be fun.
Speaker 1 (07:49):
You mentioned some of these homeowners in these neighborhoods have
been dropped by their private insurers and have gone to
the Fair Plan. Do you have a sense of how
many and how much of the impacted neighborhoods are aliant
on the insurance plan of last resort provided by the state.
Speaker 2 (08:04):
Well, we do have some numbers. We know that last
year State Farm, for instance, canceled almost seventy percent of
its policies in the biggest ZIP code in the Pacific
Palisades well, at the same time, the Fair Plan grew
eighty five percent in that area, So that gives you
some sense of what's happened. And we know that the
fair Plan's exposure in the Pacific Palisades alone. That means
(08:27):
if everything they ensured required them to rebuild, so that's
their total exposure is nearly six billion. It's not six billion,
but it's nearly six billion as of September of last year,
So there's a lot at stake financially as well.
Speaker 1 (08:42):
What are the concerns about the Fair Plan's coverage system
and why is there this fear that it won't be
enough to handle all these claims.
Speaker 2 (08:51):
The way insurers work is they collect money from premiums,
and they keep a certain amount of cash on hand
to cover things, and then they also buy some thing
called reinsurance, which is their own insurance, and together that
amount should be enough to cover every risk in their portfolio.
But fair is not the same as a private insurer,
(09:12):
and so they have not said exactly how much reinsurance
they have, but our reporting indicates it's about two point
five billion. That plus what cash they have on hand,
would be far less than what we think the damage
will be. So there's going to be a big gap
that if they were a private insured they would go under,
which would be very scary. So somehow Fair is going
(09:35):
to come up with this money, but how they're going
to do it, whether they're going to tax people, And
the other concern about Fair is since they've never had
a major catastrophe, no one knows how they will do
with things like sending an assessor out to your property.
I mean, major insurers have a whole network and infrastructure
for dealing with catastrophe, and Fair is a state run
(09:58):
government plan that's never been tested. We don't know what
their infrastructure looks like, but we do know that they've
been challenged with much smaller things like having their phone
systems work. So there's some concern around that as well.
Speaker 1 (10:10):
What is the state trying to do to shore up
the system right now?
Speaker 2 (10:14):
The California insurance system has been very challenged by something
called Proposition one oh three, which was a law passed
years ago in California that limited the amount that insurance
companies could charge people. So over time, insurance companies have
really felt that they've not been able to charge people
adequately for the risk that they were undergoing in recent years.
Particularly really at the end of last year, the California
(10:37):
Insurance Commission made a series of reforms they are not
completely through yet that would essentially allow them to pass
along reinsurance costs that would allow them to use catastrophic
models to know which homes are more risky and which
are less and price accordingly. But those reforms, even though
they're just being passed, aren't in place yet, and they'll
(11:00):
probably be challenged in court anyway. So they were meant
to help the insurers get capital back and to make
it a more appealing market to join. That was just
happening now, and then the fire hits, So the timing
is roughier. The timing is roughier. The insurers have not
yet had a chance to recoup what they need to,
and they may simply decide that they're not willing to
stay in. And that's one of the big questions.
Speaker 1 (11:22):
What about for people who are no longer covered by
private insurance, who have not signed on to the fair plan.
Are there folks in this area who are completely uninsured?
Speaker 2 (11:31):
Well, I'm sure there are people who decided they would
self ensure. There are a lot of very very rich
people up there, and maybe some of them made the
decision that they didn't trust the insurance companies and that
they had enough money to rebuild. I think much more
problematic are people who had coverage with one and were
in the middle of transitioning to someone else and they're
not sure if they have coverage either. And that's people
(11:52):
who wanted coverage but who might actually, just through the
poorness of the timing of this fire, be suffering.
Speaker 1 (11:59):
What does this insurance crisis on top of a climate crisis,
on top of an immediate wildfire crisis mean for the
communities that have been destroyed in this fire, can and
will they be able to rebuild?
Speaker 2 (12:15):
Like hurricanes in Florida, like coastal flooding. We are reaching
a point where people cannot keep ignoring climate change. It
is coming literally to your doorstep, and you have to
ask whether rebuilding again and again in what will certainly
be a fire zone. And we think with changing climate,
this kind of fire is not a one in one
(12:37):
hundred year event. It's maybe a one in five year event. Now,
whether to keep rebuilding there makes sense. On the other hand,
people love their communities, They love their home their insurance
pays them to rebuild back where they are, so this
is not a question that will be easy. I think
the big issue will be what does insurance do for
(12:57):
housing affordability everywhere in the state.
Speaker 1 (13:00):
Obviously we're in crisis mode right now, but people are worried.
You know, do I have insurance? Does insurance cover me?
Will the Fair Act have enough money to pay out
my claims? How long will it take to sort of
sort those questions out and bring homeowners relief?
Speaker 2 (13:16):
It will take a while. I mean, they need to
get this fire under control. Hopefully the winds will stop,
they'll bring in the reinforcements, they'll really start cutting it back,
and then only when we know the extent will we
know how bad it is and what the implications are.
There will certainly be some implications. Reinsurance will certainly charge
(13:38):
more next year, it will be harder to get insurance
in California, prices will go up. All of those things
will definitely happen. But the extent and the impact that'll
take a couple of years to sort of figure out.
Speaker 1 (13:51):
Well, Leslie, thank you so much for joining us, and
I'm thinking of your sister and everyone out in La
dealing with this me too.
Speaker 2 (13:57):
Thank you very much.
Speaker 1 (14:04):
This is the Big Take from Bloomberg News. I'm Sarah Holder.
This episode was produced by Julia Press. It was edited
by our senior producer Naomi Shavin, Racy Samuelson, and Brian Eckhouse.
Special thanks to Michelle maw for sharing her reporting. It
was mixed and sound designed by Alex Sugiura. It was
fact checked by Adrian Atapia. Our senior editor is Elizabeth Ponso.
(14:26):
Our executive producer is Nicole Beamster. Bor Sage Bauman is
Bloomberg's head of podcasts. If you like this episode, make
sure to subscribe and review The Big Take wherever you
listen to podcasts. It helps people find the show. Thanks
for listening. We'll be back tomorrow
Bloomberg Audio Studios, podcasts, radio news technology. Can I ask
where you live?
Speaker 2 (00:12):
Pellick Well, I used to.
Speaker 1 (00:13):
Live in the Palisades. Patrick Netter is seventy two years old.
He spoke with Bloomberg reporter Michelle ma on Wednesday night
from an evacuation shelter in Westwood, Los Angeles. Just a
day earlier, Patrick had started his morning with a walk
in his neighborhood, sow fun.
Speaker 2 (00:30):
The bluffs of the Palisades.
Speaker 1 (00:32):
It's a magical basil. Hours later, he was told to evacuate.
A brushfire that sparked on Tuesday morning near the Pacific
Palisades had started to spread, spurred on by the notoriously
strong Santa Ana winds.
Speaker 2 (00:46):
The smoke it was hilacious.
Speaker 1 (00:49):
I put stuff in two big boxes of just memorabilian
and photographs. By Thursday, the neighborhood that Patrick described as
magical had been destroyed. That Palisades fire and several others
that erupted in Los Angeles County this week, have now
burned over twenty nine thousand acres. Nearly one hundred and
(01:09):
eighty thousand residents have been told to leave their homes.
Speaker 2 (01:13):
I mean they called it a warzone, ap apocalyptic.
Speaker 1 (01:16):
It is unbelievable.
Speaker 2 (01:18):
It is on track to be one of the most
destructive in the area, possibly ever.
Speaker 1 (01:23):
That's Leslie Kaufman, a Bloomberg reporter who covers climate change,
including its effects on the insurance industry. She says it
will take time to put out the fires that are
still ravaging Los Angeles, and even more time for residents
like Patrick to figure out next steps and assess the damage.
Patrick heard that the house next to his burned down
(01:44):
and things his must have too. I don't say anything
is going to be there the heat of that fire, don't.
I would be surprised if there is anything. Patrick is
now trying to figure out where he's going to live
and whether he has an insurance policy that will cover
any of his losses. He only moved to the Palisades
eight months ago, and he says his first insurance application
(02:05):
was rejected. He isn't sure if it ever got approved.
Speaker 2 (02:09):
Maybe it was because it's Palisades or whatever.
Speaker 1 (02:11):
There was an issue and I didn't and I didn't.
Speaker 2 (02:15):
People are losing entire homes and that's got to be terrifying.
It's terrifying under normal situations, but it's especially terrifying now
because people don't have a lot of faith in their
insurance policies.
Speaker 1 (02:29):
This is the big take from Bloomberg News. I'm Sarah Holder.
Today on the show, I talk with Leslie about the
fires in Los Angeles and whether California's insurers are prepared
to handle the fallout. Leslie, we're talking on Thursday afternoon.
(02:51):
Los Angeles has been burning since Tuesday morning. What started
as a brush fire in LA's Pacific Palisades neighborhood east
of Malibu has spread to become one of the most
destructive natural disasters in the region's history. The uncontrolled wildfies.
Still residents are fleeing from burning homes through flames, ferocious winds,
(03:11):
and towering clouds of smoke. Preliminary reports estimate the damage
or destroyed structures to be in the thousands. You've covered
wildfires in California and elsewhere in the past. What makes
this fire different.
Speaker 2 (03:26):
Well, we're watching the climate change component of this fire,
first of all, very closely, and it's very important to
note that this would in traditional times have been rainy
season in Los Angeles. It is not anymore. The ocean
is warmed enough that we are seeing a complete change
or a ongoing change in how that whole area will
(03:48):
function environmentally, which is there should be rains now, so
that if the Santa Ana winds were coming, they wouldn't
be blowing fire. Now there is no rains. There hasn't
been meaningful rain since April. So that's one of the
things that makes it different. The other is the location
of one of the fires and Pacific Palisades. There are
(04:09):
a lot of fires in the regions, but Pacific Palisades
has always been something that insures particularly worry about. It's
a lot of very valuable homes right next to each other.
And we're not talking little homes. We're talking big, mega,
million dollar mansions. Yet they're piled on top of each
other on these gorgeous hills that overlook the ocean. I've
(04:29):
been there, I've hiked there, but not easy to access.
The whole point of this is that it's away from
the highways, away from the hustle and bustle, so very
hard to get in and out of those neighborhoods, especially
with fire trucks.
Speaker 1 (04:41):
And as we look towards getting this fire under control,
what might it take and how long could it take?
Speaker 2 (04:49):
It's going to require incredible resources. The federal government has
said they will step in and help out. We had
a story saying the Pentagon was offering to help out.
They also need some luck. They need those winds to
die down. It's very hard to fight fire when you
have fast winds and dry climates. Sparks just go places.
So we've got a hope for some luck as well.
Speaker 1 (05:12):
Can you paint a picture of the kind of destruction
that's happening in these neighborhoods right now?
Speaker 2 (05:16):
Well, I have family out there, and we have reporters
out there. So there's people who have been evacuated and
don't know where to go. They're people have lost entire homes,
and that's got to be terrifying. It's terrifying under normal situations,
but it's especially terrifying now because people don't have a
lot of faith in their insurance policies. So it's an
(05:39):
incredible dislocation for that city and for the people that
are there. My sister lives there and has her bags
packed all the time. I think that must psychologically be brutal.
Speaker 1 (05:50):
So far, Leslie says her sister hasn't been ordered to evacuate,
coming up. California's insurance system was already on the brain
of crisis before this week's blaze. Will it be strong
enough to help Los Angeles residents rebuild what they've lost?
(06:12):
Thousands of people are still in the throes of this crisis.
They're figuring out where they'll be staying in the short
and long term, what belongings they can salvage from their homes.
But one of the things people also might be thinking
about right now is how they'll be made whole when
the dust settles, whether insurance will help them cover their losses.
And Leslie, you've been writing about insurers pulling out of
(06:33):
wildfire zones in California for years and the huge gaps
in coverage that's created. Is California's insurance system prepared to
handle this fire?
Speaker 2 (06:46):
Wow? This is the question we're all waiting to find out,
and that's a little bit scary. California insurance, like a
lot of places these days, has two big pieces. It's
got private insurance like State Farm, the state's largest insure,
and then it's got the pub lonsure of last resort,
which is the California Fair Plan. State Farm has been
pulling out slowly some insurers have left completely. State Farm
(07:10):
in particular, canceled a lot of policies last year in
the Pacific Palisades and in Malibu, basically saying the risk
here is too high. The Fair Plan took on a
lot of those people. It has yet to really face
this magnitude of a catastrophe, so we don't know how
well it's going to do. We do know that unlike
a private insurer which can go bankrupt, the Fair Plan cannot.
(07:34):
If they have to, they will put an assessment on
the insurance companies and on private policy holders, but that
could be a big price. We can say for sure
they will be impacts to the housing market and to
the insurance market, and they will not be fun.
Speaker 1 (07:49):
You mentioned some of these homeowners in these neighborhoods have
been dropped by their private insurers and have gone to
the Fair Plan. Do you have a sense of how
many and how much of the impacted neighborhoods are aliant
on the insurance plan of last resort provided by the state.
Speaker 2 (08:04):
Well, we do have some numbers. We know that last
year State Farm, for instance, canceled almost seventy percent of
its policies in the biggest ZIP code in the Pacific
Palisades well, at the same time, the Fair Plan grew
eighty five percent in that area, So that gives you
some sense of what's happened. And we know that the
fair Plan's exposure in the Pacific Palisades alone. That means
(08:27):
if everything they ensured required them to rebuild, so that's
their total exposure is nearly six billion. It's not six billion,
but it's nearly six billion as of September of last year,
So there's a lot at stake financially as well.
Speaker 1 (08:42):
What are the concerns about the Fair Plan's coverage system
and why is there this fear that it won't be
enough to handle all these claims.
Speaker 2 (08:51):
The way insurers work is they collect money from premiums,
and they keep a certain amount of cash on hand
to cover things, and then they also buy some thing
called reinsurance, which is their own insurance, and together that
amount should be enough to cover every risk in their portfolio.
But fair is not the same as a private insurer,
(09:12):
and so they have not said exactly how much reinsurance
they have, but our reporting indicates it's about two point
five billion. That plus what cash they have on hand,
would be far less than what we think the damage
will be. So there's going to be a big gap
that if they were a private insured they would go under,
which would be very scary. So somehow Fair is going
(09:35):
to come up with this money, but how they're going
to do it, whether they're going to tax people, And
the other concern about Fair is since they've never had
a major catastrophe, no one knows how they will do
with things like sending an assessor out to your property.
I mean, major insurers have a whole network and infrastructure
for dealing with catastrophe, and Fair is a state run
(09:58):
government plan that's never been tested. We don't know what
their infrastructure looks like, but we do know that they've
been challenged with much smaller things like having their phone
systems work. So there's some concern around that as well.
Speaker 1 (10:10):
What is the state trying to do to shore up
the system right now?
Speaker 2 (10:14):
The California insurance system has been very challenged by something
called Proposition one oh three, which was a law passed
years ago in California that limited the amount that insurance
companies could charge people. So over time, insurance companies have
really felt that they've not been able to charge people
adequately for the risk that they were undergoing in recent years.
Particularly really at the end of last year, the California
(10:37):
Insurance Commission made a series of reforms they are not
completely through yet that would essentially allow them to pass
along reinsurance costs that would allow them to use catastrophic
models to know which homes are more risky and which
are less and price accordingly. But those reforms, even though
they're just being passed, aren't in place yet, and they'll
(11:00):
probably be challenged in court anyway. So they were meant
to help the insurers get capital back and to make
it a more appealing market to join. That was just
happening now, and then the fire hits, So the timing
is roughier. The timing is roughier. The insurers have not
yet had a chance to recoup what they need to,
and they may simply decide that they're not willing to
stay in. And that's one of the big questions.
Speaker 1 (11:22):
What about for people who are no longer covered by
private insurance, who have not signed on to the fair plan.
Are there folks in this area who are completely uninsured?
Speaker 2 (11:31):
Well, I'm sure there are people who decided they would
self ensure. There are a lot of very very rich
people up there, and maybe some of them made the
decision that they didn't trust the insurance companies and that
they had enough money to rebuild. I think much more
problematic are people who had coverage with one and were
in the middle of transitioning to someone else and they're
not sure if they have coverage either. And that's people
(11:52):
who wanted coverage but who might actually, just through the
poorness of the timing of this fire, be suffering.
Speaker 1 (11:59):
What does this insurance crisis on top of a climate crisis,
on top of an immediate wildfire crisis mean for the
communities that have been destroyed in this fire, can and
will they be able to rebuild?
Speaker 2 (12:15):
Like hurricanes in Florida, like coastal flooding. We are reaching
a point where people cannot keep ignoring climate change. It
is coming literally to your doorstep, and you have to
ask whether rebuilding again and again in what will certainly
be a fire zone. And we think with changing climate,
this kind of fire is not a one in one
(12:37):
hundred year event. It's maybe a one in five year event. Now,
whether to keep rebuilding there makes sense. On the other hand,
people love their communities, They love their home their insurance
pays them to rebuild back where they are, so this
is not a question that will be easy. I think
the big issue will be what does insurance do for
(12:57):
housing affordability everywhere in the state.
Speaker 1 (13:00):
Obviously we're in crisis mode right now, but people are worried.
You know, do I have insurance? Does insurance cover me?
Will the Fair Act have enough money to pay out
my claims? How long will it take to sort of
sort those questions out and bring homeowners relief?
Speaker 2 (13:16):
It will take a while. I mean, they need to
get this fire under control. Hopefully the winds will stop,
they'll bring in the reinforcements, they'll really start cutting it back,
and then only when we know the extent will we
know how bad it is and what the implications are.
There will certainly be some implications. Reinsurance will certainly charge
(13:38):
more next year, it will be harder to get insurance
in California, prices will go up. All of those things
will definitely happen. But the extent and the impact that'll
take a couple of years to sort of figure out.
Speaker 1 (13:51):
Well, Leslie, thank you so much for joining us, and
I'm thinking of your sister and everyone out in La
dealing with this me too.
Speaker 2 (13:57):
Thank you very much.
Speaker 1 (14:04):
This is the Big Take from Bloomberg News. I'm Sarah Holder.
This episode was produced by Julia Press. It was edited
by our senior producer Naomi Shavin, Racy Samuelson, and Brian Eckhouse.
Special thanks to Michelle maw for sharing her reporting. It
was mixed and sound designed by Alex Sugiura. It was
fact checked by Adrian Atapia. Our senior editor is Elizabeth Ponso.
(14:26):
Our executive producer is Nicole Beamster. Bor Sage Bauman is
Bloomberg's head of podcasts. If you like this episode, make
sure to subscribe and review The Big Take wherever you
listen to podcasts. It helps people find the show. Thanks
for listening. We'll be back tomorrow
Hosts And Creators
Sarah Holder
Saleha Mohsin
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