One by one, insurers have been reducing or eliminating their exposure in California following disastrous wildfires.
Before the California Legislature adjourned this month, it managed to fulfill most of wishes of majority Democrats’ favorite interest groups, most notably labor unions.
With Gov. Gavin Newsom and Insurance Commissioner Ricardo Lara involved in the background, there were weeks of private negotiations among legislators, insurance lobbyists and other stakeholders on how to bolster the state’s insurance market. The Legislature’s departure punted the issue, at least for a few months, to Lara and Newsom, who said, “We can do a lot of things. And I’m very mindful. We can do all of that.”
Newsom, Lara and the regulations drew praise from the American Property Casualty Insurance Association, which said, “Everyone understands that California’s insurance market is in a spiraling crisis that requires immediate policy solutions to protect consumer access to the coverage they need.”
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