California Lets Insurers Factor Wildfire Risks in Rates to Widen Coverage ...Middle East

Times of San Diego - News
California Lets Insurers Factor Wildfire Risks in Rates to Widen Coverage
Local land owner Sarah Fischbach uses a drip torch while taking part in a prescribed burn in advance of wildfire season. REUTERS/Loren Elliott California Insurance Commissioner Ricardo Lara took steps on Thursday to allow property insurers to factor in climate risks including wildfires in rate prices, if they increase underwriting in at-risk areas to wean consumers off state-funded coverage. Since 2022, seven of the state’s top 12 insurers have paused or restricted new business, including State Farm and Liberty Mutual, and the government’s Fair Access to Insurance Requirements Plan, intended as an insurer of last resort, has risen to a 3% share of California’s market. “We are at a

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