Actor Ben Affleck is among the Southern California residents whose home is at risk from raging wind-fueled fires, which have engulfed thousands of acres. The area has been hit with multiple wildfires,

Wednesday's firestorm in a wealthy area of Los Angeles could be the final straw that breaks California's insurance market. The state's insurance market has been teetering on the edge of insolvency for years thanks to catastrophic wildfires that have driven many insurers to stop writing new policies and drop existing ones.

The California wildfires could drive up premiums and prompt a new wave of private insurers dropping policies or declining to write new ones.