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Wildfire-prone California to consider new rules for property insurance pricing

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Insurance Commissioner Ricardo Lara said the state would write new rules to let insurers consider climate risks in setting their rates.

In this photo provided by Caltrans, smoke rises from the Head Fire in Klamath National Forest on Aug. 15.

A new plan from California's insurance commissioner aims to stop the nation's top insurers from leaving the wildfire-prone state by letting them consider climate risks when setting their prices. Unlike most states, California tightly restricts how insurance companies can price policies. Companies aren't allowed to factor in current or future risks when deciding how much to charge for an insurance policy. Instead, they can only consider what's happened in the past on a property to set the price.is making wildfires, floods and windstorms more common, insurers say that restriction is making it increasingly difficult for them to truly price the risk on properties.

 

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