As wildfires tear through Southern California, the looming impacts on real estate and insurance are also at the forefront of Californians’ minds.
Multiple fires have burned more than 60 square miles in the Los Angeles area, placing more than 150,000 residents under evacuation orders and killing at least 24 people, CBS reported on Monday. Nearly 12,000 homes, businesses and other structures have been destroyed.
On Wednesday, the Office of the Comptroller of the Currency (OCC) took protective measures by issuing a proclamation that allows national banks, federal savings associations, and federal branches and agencies of foreign banks to close their offices in areas of California affected by the fires.
California’s wildfire season typically begins in June or July and runs through October, according to the Western Fire Chiefs Association. The season can begin earlier and end later due to decreased rainfall as a result of climate change. Other previous wildfires, including December’s Malibu fires, have led to more than 1 million acres being burned statewide in 2024, according to CAL FIRE.