23 Hrs
Source:
Los Angeles Times
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Newsom wildfire plan may raise insurance costs
California Gov. Gavin Newsom is negotiating a plan to limit utility wildfire liabilities, which could shift wildfire costs onto property insurers, leading to potential premium increases of up to 50%, especially in high-risk areas. Utility companies, including Southern California Edison, warn they will take action if legislation limits their liabilities, and wildfire victims protest against measures that could reduce compensation. The legislative session ends soon, making public debate limited on proposed changes that aim to protect utilities and shareholders from wildfire-related losses.
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