Insurance,
Government
Aug. 15, 2019
State seeks to buy fire insurance, but can California afford it?
A state bill that would buy a large wildfire reinsurance policy has hit a snag in the Legislature.
Should the state of California buy fire insurance — and would any insurer be willing to sell it at an affordable price?
Those are questions raised by SB 290, a bill introduced in February calling on the state to add predictability against recent fire-related cost overruns by buying a massive reinsurance policy. It seeks to address the almost $450 million the state spent on emergency firefighting last year after it ran through nearl...
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