American Property Casualty Insurance Association: Insurers Remain Committed to Protecting Consumer Access to Coverage

CHICAGO, Illinois, Sept. 22 -- The American Property Casualty Insurance Association issued the following statement on Sept. 21, 2023:

* * *

The following statement by the American Property Casualty Insurance Association (APCIA) is in response to new regulations announced today by the California Department of Insurance to improve the stability of the California insurance market. This statement should be attributed to Denni Ritter, APCIA department vice president for state government relations.

"We want to thank Governor Newsom for his Executive Order outlining needed reforms to address California's insurance crisis. We also want to commend Insurance Commissioner Ricardo Lara for his commitment to regulatory reforms. We urgently need to begin enacting reforms to try and repair the insurance market and protect consumer access to coverage.

"California's 35-year-old regulatory system is outdated, cumbersome and fails to reflect the increasing catastrophic losses consumers and businesses are facing from inflation, climate change, extreme weather and more residents living in wildfire prone areas. The actions announced today by the Commissioner are the first steps of many needed to address the deterioration of the insurance market.

"Everyone understands that California's insurance market is in a spiraling crisis that requires immediate policy solutions to protect consumer access to the coverage they need.

"We will continue to work with the Insurance Commissioner, the Governor, the California Legislature and other stakeholders to promote meaningful reforms, including the assurance of timely approval of adequate rates that bring stability and availability to the market so Californians can access the insurance they need to protect their homes, cars, and businesses."

* * *

Original text here: https://www.apci.org/media/news-releases/release/77553/