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Many are confident the regulatory changes will still stabilize the market in the near-term. -
America’s longest-serving insurance commissioner was one of the first regulators to focus on climate.
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III also denies its CEO made anti-gay remarks or harassed a gay employee.
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CA insurers can now use forward-looking cat models in ratemaking.
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Insurers are also required to increase coverage in wildfire-prone areas.
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California’s crisis spurred the biggest reforms in decades.
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The FIO is “entirely devoid of usefulness and duplicitous in its actions”, the letter to DOGE leadership reads.
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A separate Senate report found climate change is also increasing non-renewals.
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Homeowners’ insurance rates have spiked almost 60% since 2018.
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The insurance industry countered that the committee ignored a “toxic mix” of risks driving up costs.
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CEO Trevor Carvey said the revision reflected Conduit’s “favourable reception”.
