(Bloomberg) — Zurich Insurance Group AG and State Farm Mutual Automobile Insurance Co. are among companies facing losses from a Colorado wildfire that has already destroyed 346 houses and consumed 29 square miles.

The Waldo Canyon fire near Colorado Springs, which began June 23, has left one person dead and forced 34,000 evacuees to seek shelter, officials said. Record-breaking heat, drought and high winds coupled with the fire’s proximity to residences in Colorado’s second-largest city have made both homeowners and insurers vulnerable to costlier damage.

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