After the Los Angeles wildfires, will art become uninsurable?

Last month's wildfires in Los Angeles devastated significant areas, claiming 28 lives and damaging over 15,000 properties. Insurers and art specialists are currently assessing the financial impacts, with estimates suggesting losses could reach between $20 billion and $30 billion. Experts warn these fires could create the most costly insured losses in U.S. history, increasing premiums and leading to stricter underwriting practices. Significant collections and institutions like the Getty Center are at risk, signaling a pressing need for risk mitigation strategies in the art world.

The alarming realization that one climate-fueled catastrophe can destroy entire collections and threaten institutions has gallerists and collectors bracing for premium increases.

We are aware of several very large losses but have not yet heard associated numbers, making it difficult to speculate on the final financial impact.

Read at The Art Newspaper - International art news and events