Instability and uncertainty have caused insurance companies to leave the state, and homeowners are left picking up the pieces. A main reason why insurance companies are no longer wanting to do business is because of the increased fire danger all year round.
The California Department of Insurance recently hosted the Global Sustainable Insurance Summit in Long Beach, bringing insurance experts, environmental experts and academia together. KCAL News spoke with Lara at the conference, which was designed to be a meeting of the minds.
Parametric insurance pays claims based on the level of a disaster rather than the value of the loss. Payouts would be determined by the severity of the fire or weather event, regardless of the amount of damage to a home.
Meanwhile, the insurance industry is funding disaster research of its own and is sharing its findings with lawmakers and regulators alike. Given the challenges faced by survivors in the Pacific Palisades and Altadena, Lara welcomes their findings and suggestions.
He said his hope is to empower consumers to "build back better and smarter" so the same mistakes aren't repeated in the years to come.
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