For decades, California's byzantine insurance regulations effectively forced insurers to subsidize people living in wildfire-prone areas.
With the recent devastating wildfires in Los Angeles exposing the state's already in-crisis property insurance industry to tens of billions in losses, lawmakers are now proposing to shift the cost of that subsidy onto oil companies.
Earlier this week California lawmakers introduced Senate Bill (S.B.) 222, which would allow individuals, private insurers, and the state-run insurance plan to sue oil companies for damages they suffer from "climate disasters and extreme weather events."
