California at Risk of New Insurance Bailout Amid Fire Danger
As Los Angeles-area residents recover from one of the costliest natural disasters in US history, California's insurer of last resort is careening toward another hot and dry summer with its coffers already strained. That's raising the prospect that state residents will need to pick up the bill for more funds.
The California FAIR Plan last month required member companies such as State Farm, Allstate Corp. and Chubb Ltd. to cough up a combined $1 billion to bolster its reserves as it sorts through liabilities from the Palisades and Eaton fires. The measure, known as an assessment, offered a rare look into the program's relatively opaque financials.
One key takeaway: Just three months into 2025, there's little extra cash should another disaster hit this year. And California is battling blazes year-round.
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