2024 California Insurance Crisis Summary

California's home insurance crisis is driven by a surge in wildfires and climate-related risks.
Legislative efforts and industry responses are underway to address the crisis, including a proposed federal bill for a public reinsurance program.
Insurance companies are utilizing dynamic risk assessment methods powered by big data and AI to accurately predict and price wildfire risks.
The insurance industry is witnessing a surge in interest towards "green" insurance products, incentivizing eco-friendly practices and sustainable home improvements.
Climate-adaptive insurance products offer flexible coverage that adjusts to changing environmental conditions, representing a proactive approach to managing climate-related risks.