California Focus: What blackmail won for insurance companies ...Middle East

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California Focus: What blackmail won for insurance companies
Until a consumer advocacy group used the Public Records Act to unearth previously secret records, it was uncertain just what the insurance industry won when it blackmailed millions of Californians last summer and fall. Now it’s clear the companies won immense new freedoms from longstanding regulations that have saved California insurance customers billions of dollars since 1988, when voters passed Proposition 103 – and despite this, some firms are still not back in the market here. Here’s how the blackmail worked: Companies like State Farm, Allstate and Farmers stopped selling new property policies anywhere in California, claiming intolerable losses from wildfires. They neither specified how

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