David Jones, former California Insurance Commissioner, warns that the January firestorms in Los Angeles exemplify the urgent climate crisis that is leading to catastrophic wildfires year-round. He predicts that climate change will push the property insurance sector to its limits, as traditional insurers retreat from high-risk areas. The mood is grim, with significant increases in policyholders turning to the California FAIR Plan—evidence of mainstream insurers exiting fire-prone markets. Overall, Jones emphasizes that without substantial action, the growing frequency of devastating fires will have dire repercussions for California's communities and businesses.
Climate change is the canary in the coal mine, and the canary is dying. You can give the canary mouth-to-mouth resuscitation, but ultimately it's going to be killed by climate change.
California is headed for a very grim future with more L.A.-like firestorms, as these catastrophic fires are occurring more frequently and outside traditional seasons.
The California FAIR Plan's policyholders have significantly risen, as mainstream property insurers abandon fire-prone areas, indicating a shift in the insurance landscape due to climate impacts.
The significant increase in FIRE Plan policyholders—from 141,391 in 2015 to 189,790 in 2019—underscores the growing financial strain on California's insurance industry driven by climate change.
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