Wires & Fires: The Intersection of Electricity, Insurance Markets, and a Resilient California Economy
Californians are stuck between a rock and a hard place as the costs of their insurance and electricity skyrocket as a result of the same thing: climate change. Ratepayers are on the hook for billions of dollars in wildfire safety and liability payments, while insurance policyholders are facing higher bills or are having their policies cancelled as wildfires threaten their homes and communities. The FAIR Plan, California’s publicly-mandated, privately-run insurer of “last resort” is rapidly growing to become the state’s largest insurer. At the end of the line, local and state governments are footing the bill for firefighting, disaster response, and rebuilding — but are spending relatively little on making the state safer.
In short, everyday Californians are paying more as the physical risks of climate change get more acute — but those costs are embedded in strange places, shaping our state’s politics and economic stressors. How we address these challenges will shape the future of economic opportunity in California.
This panel brings together energy, insurance, policy experts, and government officials who are at the forefront of the debates around tomorrow’s grid and economy. Join us for an expert conversation on the policies and investments that can lead to a cleaner safer grid and more insurable state.
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Presented by Pleiades Strategy (pleiadesstrategy.com), and National Resources Defense Council (nrdc.org).
This event is part of the Pleiades Salon, a day of talks curated by the folks who bring you Transition Finance Weekly on some of the thorniest challenges of the energy transition. All panels can be found on the Pleiades Strategy calendar here on Luma. In between each panel, we'll have coffee and camaraderie to share. Please join us!