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.
A house is fully engulfed by flames at the Dixie Fire, a wildfire near the town of Greenville, California, United States, on Aug. 5, 2021.The measures by the state's insurance regulator follow an executive order by Governor Gavin Newsom urging regulatory action to expand coverage in underserved areas, account for catastrophe risks in rates, and keep the FAIR Plan solvent.
A report by broker Gallagher Re in July said U.S. property catastrophe reinsurance rates rose by as much as 50% at a key July 1 renewal date, with states such as California and Florida increasinglyThe continued retreat of larger insurance carriers from the California residential property insurance market signals ongoing regulatory constraints, rising cost inflation, and higher catastrophe losses, credit rating agency Fitch said in a note earlier this year.
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