California insurance commissioner election approaches

California voters will elect a new insurance commissioner this November to oversee one of the world’s largest insurance markets. The role involves leading the Insurance Department, which regulates home, auto, life, health, and workers’ compensation insurance. The commissioner is responsible for ensuring policy availability, premium affordability, and that companies fulfill their obligations.

The position is particularly consequential as California faces increasing risks from wildfires and climate-related disasters, which impact insurance costs and availability. Current commissioner Ricardo Lara, a Democrat, has held the position for eight years. As his term ends in January, Democratic candidates State Sen. Ben Allen and former San Francisco Supervisor Jane Kim are competing to succeed him.