State Insurance Commissioner Ricardo Lara noted, 'When the FAIR Plan takes on more customers, it causes traditional insurance companies to withdraw from certain areas, further increasing dependence on the FAIR Plan. This cycle can ultimately weaken the FAIR Plan's financial stability and limit consumer choice.'
As of September 2024, the California FAIR Plan's exposure to residential fire risk soared to $431.45 billion, a staggering 60% increase from the prior year, reflecting escalating risks.
Collection
[
|
...
]