Weather & Science
California Levies $1 Billion Assessment on Insurers for LA Fires
The funds will help the state’s insurer of last resort pay claims to thousands of homeowners affected by the wildfires.
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California’s insurance commission plans to impose a $1 billion assessment on private insurers to shore up the FAIR Plan, the state’s insurer of last resort, after last month’s devastating Los Angeles wildfires.
Insurance Commissioner Ricardo Lara said the assessment is necessary for the FAIR Plan to continue paying out claims to survivors of the fires, which destroyed more than 16,000 structures and resulted in insured losses of as much as $75 billion, according to one analysis.