Key Takeaways The wildfires that have decimated neighborhoods in Los Angeles this week came just months after California's largest property insurer began allowing thousands of policies to lapse.Insurers,

Industry officials warn of widespread economic damage on par with some of the biggest fire disasters in recent memory.

The massive fires that have destroyed much of Pacific Palisades and demolished thousands of homes and structures in Los Angeles County threaten an effort to fix California's troubled home insurance market.