|September 17, 2021|
Californians may soon be offered climate insurance
SACRAMENTO – (INT) – First-of-its-kind climate insurance could be coming to California.
Backers say it will help combat the costs of wildfires, extreme heat and floods.
As a result of the nation’s first-ever law to study how to use insurance to protect Californians from climate change, the California Climate Insurance Working Group Wednesday released 40 state and local policy recommendations focused on reducing damage and improving recovery.
The recommendations also focus on low-income communities, seniors, and those without insurance who are more vulnerable to the impacts of climate change.
State Insurance Commissioner Ricardo Lara says “There should be no gaps between the wealthiest and the rest of us on how quickly we can bounce back. By acting now, we can save lives and save communities from the increasing costs, health impacts, and social inequities of climate change.”
“We know that when people have insurance, they have better outcomes in the wake of an extreme event. And with climate change, we're going to have more extreme events,” said working group co-chair Alice Hill.
“We need to stop only reacting to disasters, and use climate insurance to strengthen community preparation and natural solutions like healthy forests, wetlands, and urban greenspace that can save lives, protect vulnerable communities, and prevent damage,” said Lara.
The working group will meet in August to continue implementation of policy recommendations.
Story Date: September 3, 2021