California's insurance crisis is exacerbated by recent fires, raising concerns over affordable homeowners insurance and the potential exodus of insurers amid new regulatory changes.
Even with new regulations allowing insurance companies more flexibility, concerns remain that the recent losses from the Los Angeles fires may not prevent insurers from leaving California.
Economists argue that Proposition 103 is fundamentally flawed as it tries to control insurance rates through regulations rather than market realities, calling for its repeal.
Insurance company stocks have seen significant declines due to California exposure, suggesting a looming financial crisis for insurers amid the state's regulatory challenges.
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