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Insurance companies are taking the risk of offering insurance. That is why they normally make money year after year after year.
When bad things happen, they take the hits. They take on some debt. They stop making profits... because they decided to purchase the risk from people. That's the gig.
There is a middle ground here that doesn't bone homeowners and doesn't completely bone the insurance companies affected. They should be taking on debt and making zero profits until they pay it off. That's not how things work here though, i'm sure they will be bailed out on taxpayer money or something.... but what should probably happen is that they should be given a federal loan on pretty favorable terms, something like 1-2% interest, until it's paid off.
At the same time standards for homes in areas at risk should be such that fire mitigation is mandated whenever a house changes hands. This will inevitably drive up costs, but again maybe this is another case for low/no interest rate loans to cover the changes. A billion or two today could save 25-100-500++ billion over a few years.
Insurance companies are typically reinsured themselves, so it's entities like Lloyd's of London that will ultimately be paying for this.