California Wildfires Trigger $1B Insurance Assessment

Facing massive claims from recent wildfires in Los Angeles County, California's last-resort fire insurance provider, the FAIR Plan, will impose a $1 billion special assessment on insurance companies, ultimately passed on to homeowners. This is the first such move in over three decades. The assessment aims to cover the FAIR Plan's wildfire-related payouts and ensure solvency. Most California homeowners will see temporary increases in their insurance bills. While the insurance industry supports the change, a consumer advocacy group plans to sue, calling it a consumer 'bailout' and questioning potential insurer 'double-dipping'.