The devastating forest fires in Los Angeles have not only killed many people and devastated the infrastructure of the urban landscape. The fires are also turning into one of the costliest natural disasters in US history. They raise the question of whether the risks of the climate crisis can still be covered by insurance, even in a wealthy region of one of the richest countries in the world. After all, the immense material damage in California and other US states poses an acute threat to the system of insurance and reinsurance of property values.