California is at the cusp of a seismic shift in its insurance landscape, a change that aims to reform and revitalize the state’s insurance market. Insurance Commissioner Ricardo Lara unveiled a sweeping set of regulatory reforms poised to overhaul Proposition 103—the foundation of California’s insurance regulations for the past three decades. Commissioner Lara’s Progressive Steps to Insurance Overhaul The upcoming reforms come as part of the commissioner’s ambition to achieve a full-scale reform by year’s end for both home and auto insurance. At the heart of Lara’s reformation strategy lies…
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Insurance industry reform call by Hillary Clinton at COP28 climate panel
The former US Secretary of State said that it’s time for countries to “rethink” the coverage sector. Former US Secretary of State Hillary Clinton spoke at a COP28 climate panel at the start of this month, calling for insurance industry reforms. The purpose is to address the sector’s issues as insurers increasingly withdraw protection against climate perils. Among the countries and people most impacted by climate change are those in lower-income nations. They also face the greatest struggle to access coverage to protect themselves against economic effects. “We need to…
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