Candidates Clash Over Soaring Premiums and Climate Risks at LABC’s 2026 Insurance Commissioner Forum

The Los Angeles Business Council (LABC) hosted its highly anticipated 2026 Insurance Commissioner Candidate Forum on Thursday, May 21, bringing together five key contenders to address the state’s escalating insurance crisis.

The event, which ran from 11:30 am to 1:30 pm at the Waldorf Astoria in Beverly Hills, was moderated by Emmy Award-winning journalist Alex Cohen. The panel featured a diverse slate of candidates vying for the state’s top insurance regulatory post:

A Market at a Critical Inflection Point

The forum took place against a backdrop of severe and compounding market strains. Discussion heavily centered on how California’s volatile insurance landscape has reached a critical inflection point, creating far-reaching negative implications for housing production, economic vitality, affordability and long-term climate resilience across Los Angeles and the state.

Data framing the event highlighted a stark reality: Over the last five years, California has experienced billion-dollar weather and climate disasters at a rate 60% higher than its long-term average. This surge has intensified pressure on insurers, policyholders and the state’s FAIR Plan alike. As climate-related losses grow, a wide array of stakeholders – including homeowners, multifamily and commercial property owners, businesses, HOAs, builders and developers – are facing higher premiums, tighter underwriting and severely reduced access to coverage.

The Fallout from the 2025 Wildfires

A major focal point of the crisis discussed at the forum was the lingering impact of the January 2025 Palisades and Eaton fires. The candidates addressed how these disasters accelerated existing market pressures and exposed the massive scale of risk confronting California’s insurance system. Together, the two fires destroyed more than 16,000 structures and damaged thousands more, generating tens of billions of dollars in insured losses.

Shaping the Future of Regulatory Reform

As the candidates debated their platforms, the overarching theme remained the pivotal role the next Insurance Commissioner will play in implementing regulatory reform. The office holds the central responsibility for approving rates, overseeing insurer solvency, enforcing consumer protections and regulating overall market conduct.

With climate risks accelerating, the forum underscored the delicate balancing act the next Commissioner must navigate. They will be tasked with balancing competing priorities: ensuring affordability for everyday consumers, maintaining a stable and attractive market for insurers and supporting broader state goals tied to disaster recovery and economic growth.

The next Insurance Commissioner will be measured by whether coverage remains available and affordable, whether the Department of Insurance can enforce fair claims handling, and whether California can maintain long-term confidence in the market when residents and businesses need coverage most.