Brokers and agents air concerns and questions over plans to stabilize the market
Agents and brokers have hailed California’s sustainable insurance strategy as a positive step towards stabilizing the state’s insurance market but note its lack of clarity and details. Some have also said reforms need to come faster than the target date of implementation in December 2024.
Last week, California Governor Gavin Newsom signed an executive order to initiate a package of reforms outlined by the state’s Insurance Commissioner Ricardo Lara, declaring an emergency over the ongoing homeowners’ insurance crisis.
The Independent Insurance Agents & Brokers of California (IIABCal) has applauded Commissioner Lara’s recognition of serious, and worsening, property insurance availability problem in California, and vowed