While there has been a growing crisis in insurance for years, the scale and scope of the Los Angeles wildfires brings the issue to a new level, challenging us to ask new questions about how, where and what we build in a changing climate.

State Farm, the largest home insurer in California, is asking for an emergency rate hike from state regulators as it warns that multibillion-dollar payouts from the Los Angeles wildfires threaten its balance sheet and the broader insurance market.