In a historic move, the California insurance plan suggests insurers will use future risk models to establish premiums, enabling better access for homeowners in high-risk areas.
Insurance Commissioner Ricardo Lara emphasizes the need for innovation in insurance approaches to cope with California's increasing wildfire risks, moving away from traditional past-loss methods.
The plan aims to transform how insurers assess risk, considering preventive actions by communities, and thus requires them to extend coverage in areas most affected by wildfires.
Despite support from various stakeholders, Lara's plan has faced criticism from consumer advocacy groups, indicating ongoing tension between regulatory efforts and consumer protection.
#california-insurance #wildfire-risks #insurance-regulation #consumer-protection #climate-change-policy
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