California has reached an "historic" agreement with insurance carriers to modernize the way pricing is related to the cost of disasters in order to stem an exodus of the largest carriers from the Golden State.
After seven of the top 12 insurance carriers in California pulled back coverage this year in response to increasing natural disasters due to climate change, state officials have made several major concessions to the industry in a new package of insurance regulations.
Ricardo Lara, the California Insurance Commissioner, called the package of regulatory reforms an "historic agreement" between regulators and the industry.
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