A California Wildfire Solution?

Assembly Bill 1236 has been introduced by Assemblymember Celeste Rodriguez and sponsored by California Insurance Commissioner Ricardo Lara. Rodriguez and Lara say it will fund some innovative insurance solutions to “reduce risks and protection gaps for uninsured and underinsured individuals and communities, with a focus on low and moderate-income underserved communities.”

The quote is from Lara’s news release on the subject.

Whittling the bill down to the basics, it supports parametric and community-based insurance options, puts together some nature-based solutions to reduce risk and enhance the state’s ecosystems. If passed, the bill will also pump up education programs about the importance of insurance.

“Communities in our state deserve resources and investments to ensure they can withstand and recover from climate disasters,” Rodriguez said. “AB 1236 creates a grant program to deliver projects and explore innovative approaches to reduce risk, and ultimately, expand insurance coverage options in a time when it is desperately needed.”

Insurance industry groups like the American Property Casualty Insurance Association (APCIA) and the National Association of Mutual Insurance Companies (NAMIC) support the bill.

Lara said the “climate crisis” needs action and innovative solutions.

“It’s time for California to align with the rest of the world, which has been developing innovative climate insurance solutions to protect our most vulnerable populations for years now,” Lara said. “AB 1236 supports local projects in communities that can least afford insurance and have the most to lose after a disaster. Nature serves as our first and best line of defense against climate change, whether through wetlands and floodplains that absorb floodwaters or urban tree canopies that reduce temperatures in cities.”

The bill has passed the Assembly Insurance Committee and will be considered by the full Assembly.

Source link: PropertyCasualty360.com — https://bit.ly/3GyTs9B

Source link: California Department of Insurance — https://bit.ly/4cU0t0A