Insurers warn Newsom wildfire plan could push up California homeowners' premiums
TL;DR
CEOs from 15 major insurers warn Gov. Newsom’s plan to end (and gradually phase out) subrogation for wildfire losses could raise homeowners’ premiums statewide and destabilize California’s insurance market. The updated proposal would still eliminate the right to recoup losses from utilities, with rate impacts potentially tied to future regulatory approvals; writing is due by Friday as the legislative session winds down, and critics argue costs could spike, especially in high-risk areas.
- Property insurance companies warn of rising costs under Gov. Newsom's wildfire proposal KCRA
- Newsom wants to ease utilities' wildfire costs. Lawmakers are balking CalMatters
- VOTE: Who should pay when a power company's equipment sparks a catastrophic wildfire? KRCR
- Insurance executives warn that Newsom plan to shift utility wildfire liability would raise premiums Los Angeles Times
- California shouldn’t limit wildfire liability for public utilities like PG&E San Francisco Chronicle
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