California Property & Casualty Insurance Daily News

Insurance Commissioner Ricardo Lara ordered insurers to preserve residential property coverage for about 124,000 homes impacted by wildfires across six Sierra foothill counties. This action, effective for one year, shields homeowners from non-renewals or cancellations after the TCU September Complex Fire emergency declaration.

Significant wildfires such as the Palisades and Eaton events caused over $30 billion in insured losses in California this year, prompting many insurers to revise underwriting strategies. Rate reductions have emerged for favorable risks, while high-risk and wildfire-exposed properties continue to see capacity constraints and rising premiums.