California bill would make fossil fuel companies help pay for rising insurance costs [Los Angeles Times (CA)]
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Source: Los Angeles Times
SB 982 , the Affordable Insurance Recovery Act by Sen. Scott Wiener, (D-San Francisco), would authorize California's attorney general to file civil litigation against fossil fuel companies to recover losses suffered by policyholders and the state's insurer of last resort due to such disasters. California home insurance premiums have been rising by double digit rates following a series of devastating wildfires across the state over the last decade. The Jan. 7, 2025 Eaton and Palisades fires alone are expected to result in up to $45 billion in insured damages “With California's paying such a massive cost for climate related disasters, we have to ask who is not paying?” said Wiener, at a Thursday press conference held outside the State Capitol. “We know who is — the survivors, taxpayers, policyholders, whose rates are going up throughout the state. But the answer in terms of who is not paying is fossil fuel corporations,” he said. The recovered funds would compensate policyholde
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