#insurance-regulation

#insurance-regulation

As insurance companies continue to hike rates and cancel coverage for thousands of homeowners across fire-prone parts of California, Gov. Gavin Newsom is directing regulators to come up with new solutions to stabilize the state's spiraling home insurance market. In an executive order this week, Newsom instructed the state insurance department to submit recommendations on insurance costs and accessibility, wildfire mitigation and compensation for fire victims, among other concerns.

In the closing days of the legislative year, California lawmakers sent Gov. Gavin Newsom a bill that is meant to toughen scrutiny of the state's embattled fire insurer of last resort by insisting that two of their leaders join its governing committee. Assembly Bill 234 would put the state's two top lawmakers currently Senate President Pro Tem Mike McGuire and Assembly Speaker Robert Rivas on the governing committee of the FAIR Plan, the insurer that's mandated by law to sell policies to homeowners who can't

Consider that, from 2000 to 2020, egg prices fluctuated between just under $1 and about $3 a dozen; they reached $6.23 in March but then fell to $3.78 in June. Average gas prices, after seesawing between $2 and $4 a gallon for more than a decade starting in 2005, peaked at $4.93 in 2022 and recently fell back to just over $3.

Insurance is the climate crisis canary in the coal mine, and the canary is dying. Severe-weather events are more common and extreme because we're not doing enough, fast enough, to transition from fossil fuels and other greenhouse gas-emitting industries.