California's Department of Insurance Is in Business to Make Money

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Insurance companies are in business to make money, right? We can all acknowledge that. But why can't the insurance companies just do what they normally do when a thing costs them more dearly and raise everybody's premiums? In California, like 10 other states, we elect our insurance commissioner,. His job is to regulate most of the state's insurance markets and to approve any rate increases. All insurance premium hikes in the home insurance market have to go through the state's department of insurance.

Two insurance giants will stop issuing new policies for California homes. CalMatters reporter Ben Christopher and Vox’s Umair Irfan say insurers have determined what homeowners refuse to accept: Climate change has made some parts of the country too risky to live in.

This episode was produced by Avishay Artsy, edited by Matt Collette, fact-checked by Laura Bullard, engineered by Michael Raphael, and hosted by Noel King.

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