California faces an insurance crisis in wildfire-prone areas, prompting calls for improved forest management and updates to insurers' risk models.
California faces an insurance crisis as homeowners struggle with high rates and cancelled policies amidst wildfire risks. The state is focusing on better forest management to reduce wildfire risk, but experts say insurance companies need to update their risk models to accurately reflect these efforts. Insurance Commissioner Ricardo Lara is urged to investigate homeowner compliance requirements and Consumer Watchdog proposes a public risk model to assess local climate risks.
March 14, 2024
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