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Marketplace All-in-One

From Burning Questions: Is the future insurable?

Marketplace All-in-One

Marketplace

News, Business

4.51.4K Ratings

🗓️ 28 January 2025

⏱️ 21 minutes

🧾️ Download transcript

Summary

Today we’re handing the mic over to the team behind “Burning Questions” from Marketplace’s climate solutions podcast “How We Survive” as they survey the devastation on the ground in the Pacific Palisades, and dig into the homeowners insurance crisis. Since the Los Angeles fires broke out, thousands have lost their homes and current estimates say insured losses may exceed $30 billion. The disaster has raised existential questions about the future of the insurance industry and its potential impact on the housing market. Host Amy Scott talks with Carolyn Kousky from the Environmental Defense Fund to find answers.

Transcript

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0:00.0

Hey, everybody, it's Kai.

0:01.8

Even though the fires here in Los Angeles are mostly under control for now, the disaster

0:07.8

does continue, and it's going to have major ripple effects across the local economy here,

0:12.0

the housing crisis, and the already fragile insurance market in California.

0:16.1

For more on that, we're sharing a special episode of Burning Questions today, a series from

0:19.8

our friends over at Marketplace's Climate Solutions podcast, How We Survive, hosted by Amy Scott. Here you go.

0:26.9

Hey, everyone, I'm Amy Scott, host of How We Survive, and we're back with another episode of Burning

0:33.6

Questions. In the wake of the Los Angeles wildfires, we're taking a look at insurance.

0:40.0

Thousands of folks were dropped by their insurance providers in the months leading up to the

0:44.4

wildfires. As more and more private insurers have decided the climate risks are too great

0:50.4

in some areas. So we're asking, is the future insurable? Before we get into that,

0:56.8

with an expert, we're surveying the damage on the ground in Los Angeles. It's been a few weeks

1:02.5

since wildfires broke out across the city. At least 28 people have died in the palisades and

1:08.7

eaten fires. More than 10,000 homes have been destroyed,

1:13.1

and tens of thousands of people have had to evacuate. It's hard to imagine the scale of the

1:19.1

destruction, but our producers, Haley Hirschman and Caitlin Esch actually had a chance to tour

1:25.6

the Pacific Palisades after the disaster. Haley, what was that

1:30.4

like? Yeah, so we went to the Palisades to see some of the damage that was caused by the

1:35.0

wildfires. This was almost exactly two weeks after the fires first broke out. We went with Dr. Howard

1:41.0

Botz and Garrett Gray. Hey, Haley, Howard Bots.

1:45.1

Hi.

1:49.1

They work for CoreLogic, which is a property data and analytics firm.

...

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