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L.A. Fires: We Can't Let Insurance Companies Exploit the Disaster
Insurers say they need deregulation to help them deal with disasters like the Los Angeles wildfires. It won’t help California homeowners.
California home insurance companies’ return on net worth — a profit measure that takes into account premiums collected, claims paid, and investment income — was three percentage points higher than the national average over the last 20 years. Even as they drop policies and demand higher rates due to climate change, insurance companies refuse to acknowledge when homeowners take proven steps to protect their homes from wildfire. And it means protecting access to insurance where people live today until plans can be enacted for home buyouts, relocation, and other solutions to ensure the transition to safer communities is equitable.
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