The wildfires that destroyed homes in multiple sections of the Los Angeles area will test California’s efforts to stabilize the state’s insurance marketplace after many insurers stopped issuing residential policies due to the high fire risk.
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Firefighters looks for hot spots in a fire-ravaged property in the aftermath of the Eaton Fire Thursday, Jan. 9, 2025 in Altadena, Calif. In 2023, seven of the 12 largest insurance companies by market share in California either paused or restricted issuing new policies in the state. The plan was designed to be a temporary solution, but more Californians are relying on it than ever. The number of FAIR residential policies issued in the state more than doubled between 2020 and 2024, reaching nearly 452,000 policies.Policies sold to FAIR customers primarily fund the plan, but insurers would have to pay into the fund if it becomes insolvent or to keep it from insolvency.
The claims from the fires will be significant, Court said, “but this is not enough to put the industry out of business or the FAIR Plan out of business.”
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