Opinion: California now facing a fire-insurance death spiral
SACRAMENTO – If you’re at a party and want some alone time, I recommend chatting about California’s insurance market. It’s one of those “eyes glaze over” topics that makes people instantly look at their watches and slink away. Few people – or news reporters, for that matter – want to talk about insurance.
For a sense of perspective, State Farm’s market share of homeowners insurance was 19.9 percent in 2021 – and it’s likely to be above 21 percent in 2022. It will send homeowners running for the far-overburdened FAIR Plan, a government created insurers’ collective that offers bare-bones policies to property owners who are unable to find a regular insurer.
Can we just cut the double-speak? Although wildfires and inflation are the proximate causes of the company’s decision, those are not the main reasons. Insurance companies are operating efficiently in other parts of the country, which also face climate-change challenges and inflation. Yet several insurers have been pulling out or pulling back in California.
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