US EditionWildfire-prone California to consider new rules for property insurance pricing
- California's insurance commissioner has proposed a plan to prevent top insurers from leaving the state due to wildfire risks. The plan would allow insurers to consider climate risks when setting their prices.
- By incorporating climate risks into pricing, insurers would have a better understanding of the potential costs associated with wildfires, which could help them make more informed decisions about offering coverage. This could mitigate the risk of insurers leaving the state and leaving residents without sufficient coverage. Additionally, it may encourage insurers to invest in measures to reduce wildfire risks.
- This plan is a proactive approach to addressing the challenges of insuring properties in wildfire-prone areas. By considering climate risks, insurers can better protect themselves and their policyholders. It also highlights the need for continued efforts to mitigate the impact of wildfires in California and other regions affected by climate change.
57 Articles
57 Articles
California insurance commissioner acts to include climate risks in property insurance rates
California's Insurance Commissioner, Ricardo Lara, has taken action to enable property insurers to incorporate climate-related risks, such as wildfires, into their rate calculations.
Wildfire-prone California to consider new rules for property insurance pricing
SACRAMENTO, Calif. (AP) — California will let insurance companies consider climate change when setting their prices, the state’s chief regulator announced Thursday, a move aimed at preventing insurers from fleeing the state over fears of massive losses from wildfires and other natural disasters. Unlike other states, California does not let insurance companies consider current or future risks when deciding how much to charge for an insurance poli…
Wildfire-prone California to consider new rules for property insurance pricing
California will let insurance companies consider climate change when setting their prices, the state's chief regulator announced Thursday, a move aimed at preventing insurers from fleeing the state over fears of massive losses from wildfires and other natural disasters.
California to write new rules for property insurance pricing. What that means for homeowners
California will let insurance companies consider climate change when setting their prices, the state's chief regulator announced Thursday, a move aimed at preventing insurers from fleeing the state over fears of massive losses from wildfires and other natural disasters.
Wildfire-prone California to consider new rules for property insurance pricing
California's insurance commissioner has proposed a plan that would allow insurance companies to consider climate risks when setting prices. Currently, California restricts insurers from factoring in current or future risks, which has led to top insurers pausing or restricting new business in the state.
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