David Jones, former California insurance commissioner, warns that firestorms in Los Angeles serve as a portent for the destructive impact of climate change, threatening the property insurance sector. He highlights the rise in policyholders relying on California's FAIR Plan as mainstream insurers withdraw from fire-prone areas. Jones asserts that climate change is responsible for the uptick in year-round fire events, pushing the industry toward a financial crisis. His insights underscore the alarming trend of wildfires outside traditional seasons, emphasizing the dire implications of climate change for communities at risk.
Climate change is the canary in the coal mine, and the canary is dying, Jones said. You can give the canary mouth-to-mouth resuscitation, but ultimately it's going to be killed by climate change.
California is headed for a very grim future with more L.A.-like firestorms. Climate change has triggered firestorms like the ones that erupted in January.
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