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

The Los Angeles wildfires could threaten California’s already unstable insurance market, which carriers have been fleeing as disasters multiply.

Insurance is going to be even harder to come by, and it is going to get incredibly more expensive than it already is. People need to be prepared for that,” said Mark Newman-Kuzel, president and owner of The Mark Newman-Kuzel Agency in Los Angeles,