LA fires could drastically drive up insurance premiums — and test California’s new market rules
Posted by Paul Burrowes on
BY LEVI SUMAGAYSAY, CalMatters, JANUARY 9, 2025
IN SUMMARY
The state’s plan to fix the insurance crisis had barely rolled out when the Los Angeles fires began. Can the market recover and stabilize?
This story was originally published by CalMatters. Reprinted with permission.
The deadly and destructive fires in Los Angeles — which some say could be the costliest in the state’s history — will further strain the insurance market and worsen the financial position of California’s insurer of last resort.
Data about Pacific Palisades, the devastated LA neighborhood whose residents include movie stars and directors, help illustrate the insurance problems plaguing the state. An estimated 1 in 5 homes in the upscale neighborhood were covered by the…
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