Insurance leaders are calling for FAIR Plan reforms ahead of summer wildfire season. (Credit: ALM archives)
The California FAIR Plan received approval this week to assess its member companies $1 billion to help pay for LA wildfire losses.
In a letter to the state’s insurance commissioner, Victoria Roach, the plan’s president, said wildfire claims have “presented a significant financial challenge to the FAIR plan.” As of Feb. 9, the plan has received 4,794 claims related to the Palisades and Eaton fires and expects losses of about $4 billion.
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