Insurance Commissioner
California’s insurance commissioner regulates the largest property and casualty insurance market — including homeowners and auto — in the nation, which has been in distress for the past few years as wildfire risk has grown and insurers have pulled back from writing policies. The availability of affordable insurance affects homeowners, businesses, landlords and their renters, local communities and the state’s economy. Whoever wins will have to do the “second-hardest job in the state behind the governor,” said one former commissioner, especially in the wake of devastating Los Angeles-area wildfires.
Ben Allen
Deadly fires hit this senator’s district hard last year. Allen said he will push for transparency from insurance companies and the Department of Insurance itself, including by appointing a consumer advocate. He supports revealing insurers’ fossil fuel investments and efforts to hold the fossil fuel industry accountable for climate change-related risks. He wants to ban commissioners from working in the insurance industry right after leaving office. Read Allen’s statement to CalMatters.
Steven Craig Bradford
The former state lawmaker would create a public-private partnership that would share risk with insurers to keep them in the state. He would link insurance to land use and planning, and support a voluntary buyout program to encourage people to move away from high-risk areas. Read Bradford’s statement to CalMatters.
Merritt Farren
The Palisades fire destroyed Farren’s home, leading the former tech executive to get involved in State Farm’s rate proceedings. He would create CAL Reinsure to provide a wildfire-risk backstop for insurers, which he says would eliminate the need for the FAIR Plan. The new entity would be funded by a fee charged by insurers. Read Farren’s statement to CalMatters.
Robert P Howell
The Palisades fire destroyed Farren’s home, leading the former tech executive to get involved in State Farm’s rate proceedings. He would create CAL Reinsure to provide a wildfire-risk backstop for insurers, which he says would eliminate the need for the FAIR Plan. The new entity would be funded by a fee charged by insurers. Read Farren’s statement to CalMatters.
Jane Kim
The ex-San Francisco supervisor would establish Natural Disaster Insurance for All, which would be funded by a portion of policyholders’ premiums. Customers would stay with their insurers, but the state-run fund would guarantee coverage for wildfire and flood damage. She would create a public option for auto insurance. Read Kim’s statement to CalMatters.
Stacy A. Korsgaden
Korsgaden would encourage new insurance products; establish a new business division in the first 100 days; publish a consumer advocacy hub; and crack down on fraud to try to reduce insurance costs. Read Korsgaden’s statement to CalMatters.
Patrick Wolff
Wolff, who obtained an insurance license after deciding to run for commissioner, would create a report card that grades insurers on how they handle claims; consider allowing auto insurers to track driver behavior for underwriting purposes; and roll out a public dashboard for life-insurance providers. Read Wolff’s statement to CalMatters.
