California and PG&E is a cautionary tale.
Pacific Gas & Electric has filed for bankruptcy due to their liabilities coming from the 2018 wildfires. See this Governing magazine article on the issue, As Wildfire Season Nears, California Power Companies Get a Warning.
When you look at the impacts of climate change, you can add this issue to the list of problems that will present themselves. It is not just the insurance companies and individuals, but also utilities that will be impacted.
Question, what happens when the utility is government owned? Imagine the liability there to the taxpayers who are then liable for the losses.