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Photo: Mario Cobian/Adobe StockWith news that the California FAIR plan is levying a $1B assessment on insurers in the state – half of which can be passed on to consumers – insurers, regulators, and consumers will increasingly face a difficult question: How to strengthen the growing instability of the state’s home insurance market, particularly in high wildfire risk areas.
While some solutions have been proposed in the wake of the devastating January wildfires, such as allowing the FAIR plan to borrow or issue debt to cover short-term liquidity needs, the majority of these solutions do not address the underlying fundamental issue: Climate related risks are increasingly becoming both more common and more severe.
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