Climate disasters lead to billions in insurance losses. Could they trigger a financial crisis?

Vicious hurricanes in the southeastern United States. Massive flooding in Ontario and Quebec. Wildfires in Los Angeles.What these events have in common — besides the fact that climate change has made them more extreme — is that they are pummelling insurance companies.Preliminary estimates suggest the fires that devastated L.A. — already the costliest wildfires in California history — could put insurers on the hook for between $28 billion and $45 billion US ($40 billion to $65 billion Cdn). Meanw