California’s attempts to address its crumbling wildfire insurance market suffered a setback as lawmakers failed to reach a deal on insurance reforms. Assembly Speaker Robert Rivas had hoped to prevent insurers from leaving the state, but faced pushback from members of his own party who were reluctant to raise rates. The inability to secure a deal highlights the difficulty of addressing insurance issues, and the ball is now in the court of Insurance Commissioner Ricardo Lara. Rivas plans to hold hearings in the fall to find a meaningful solution.
Inside the Assembly’s whiff on wildfire insurance