California on Thursday ordered a one-year halt on insurance companies dropping c...
- California on Thursday ordered a one-year halt on insurance companies dropping customers in wildfire-prone areas at a time when state insurers are trying to limit spiraling costs from climate change.
“I am calling on insurance companies to push the pause button on issuing non-renewals for one year to give breathing room to communities and homeowners,” Lara said in a statement. The insurance industry is retreating from at-risk areas after paying nearly $25 billion in damage claims for the record fire years, according to California Department of Insurance data.
Rex Frazier, president of the Personal Insurance Federation of California, likened the situation to an auto insurer thinking it was insuring stable, 50-year-old drivers.
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