The U.S. property and casualty insurance sector reported its best underwriting results since 2013, according to Triple-I and Milliman. However, challenges remain, particularly from California wildfire losses and the potential economic impacts of tariffs. Exposure for residential dwellings under California's FAIR Plan surged from $160 billion in 2021 to $558 billion in 2025. Swiss Re, the world's second-largest reinsurer, posted strong first-quarter 2025 earnings, with net income of $1.3 billion surpassing estimates of $952.1 million, a return on equity of 22.4%, and a property and casualty reinsurance combined ratio of 86%, beating expectations. The company attributed its profit rise to positive business performance offsetting California wildfire losses and expressed confidence in meeting its 2025 targets. Meanwhile, Southern California Edison, a unit of Edison International, submitted a $6.2 billion wildfire mitigation plan to California's Office of Energy Infrastructure Safety, focusing on grid innovations and enhanced wildfire risk reduction measures, including funding firefighting assets and hotspot monitoring. Recovery efforts continue in wildfire-affected communities such as Altadena and Pasadena, with nearly 5,000 properties cleared of debris and ongoing rebuilding initiatives. Local leaders have called for a $200 million fund to support survivors of the Eaton Fire. California's governor highlighted state efforts to prepare for the upcoming peak fire season through brush removal and prescribed burns led by CAL FIRE.