Millions of California residents have been forced to abandon their homes as wildfires ravage Los Angeles County. Over 100,000 residents of Los Angeles County have been ordered to evacuate as wildfires rage across the region.

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.