Jane Kim, a progressive who\u2019s pushing a state-run disaster insurance program, is leading in the race for California Insurance Commissioner, while crypto billionaire Chris Larsen has put $1 million into a PAC supporting her opponent.<\/p>\n
Former SF Supervisor Jane Kim, a Bernie Sanders-endorsed progressive, is running against state Senator Ben Allen of Santa Monica, another Democrat, for state Insurance Commissioner, which regulates the state\u2019s home, auto, life, workers\u2019 compensation, and other insurance markets.<\/p>\n
As Kim says on social media<\/a>, she\u2019s \u201crunning for the most important job you\u2019ve never heard of.\u201d\u00a0<\/p>\n A recent poll gives former San Francisco Supervisor Jane Kim a 25% to 18% lead over state Allen in the race, though more than half of voters remain undecided, as the Sacramento Bee reports<\/a>.\u00a0<\/p>\n \u201cThis is not a decided race,\u201d said pollster Adam Probolsky.<\/p>\n Kim also reportedly came out ahead of Allen in June\u2019s primary, taking about 27% of the vote to Allen\u2019s 19%. Republican Stacy Korsgaden received nearly 16%, but Kim and Allen advanced to the November election.<\/p>\n \u201cPeople are tired of insurance companies ripping them off, and they\u2019re ready for change,\u201d Kim said in a statement. \u201cThat\u2019s why this poll reflects our steady and consistent lead across the state.\u201d<\/p>\n According to the Guardian<\/a>, Kim has centered her campaign on a proposal she calls \u201cDisaster Insurance for All,\u201d which would create a public, single-payer disaster insurance program covering wildfire damage and other catastrophic losses. She argues that climate-driven disasters have made the financial risk too large for private insurers to handle on their own.<\/p>\n Under her proposal, homes would be automatically covered, with premiums based on factors including property value and risk. The program would not replace private insurance entirely, but would provide coverage for catastrophic disasters that private insurers increasingly have difficulty covering.<\/p>\n \u201cThe biggest change in the insurance industry in the past four years is the increase of climate disasters,\u201d said Kim, speaking to the Guardian. \u201cWe used to have a billion-dollar storm every three to four months, and it seems like we now have one every three weeks, so the price of risk has truly gone up.\u201d<\/p>\n Kim has pointed to government-backed disaster insurance programs in countries including New Zealand, France, and Spain as models, per the Guardian. She says a public program could use investment income to build reserves for future disasters and potentially direct some premium revenue toward measures such as fireproofing and flood protection.<\/p>\n Critics argue that moving catastrophic risk to the state could leave taxpayers responsible for losses that private insurers currently absorb. Former insurance commissioner candidate Patrick Wolff recently accused Kim<\/a> of offering too few details about how her proposal would work or what it would cost, arguing that her comparison with other countries does not accurately describe how their insurance systems operate.<\/p>\n Kim has also proposed limiting insurers\u2019 ability to raise rates after customers file home or auto claims, capping excessive profits, and preventing insurers from using credit scores to deny coverage. She says she would not eliminate private insurance, but would use a public system to fill gaps in coverage.<\/p>\n Allen, meanwhile, has emphasized his more than a decade of legislative experience and says he would combine market reforms with consumer protections, as the Bee reports. His proposals include expanding programs that help homeowners make their properties more resistant to wildfires. He has the endorsement of the California Democratic Party, both of California\u2019s US senators, and a number of environmental groups.<\/p>\n The race has also become a fight over campaign money. Kim says she is the only candidate refusing contributions from the insurance industry, fossil fuel companies, and corporate PACs.<\/p>\n The Guardian reported<\/a> in June that billionaire Chris Larsen, co-founder of cryptocurrency company Ripple, gave $1 million to Californians for an Affordable Future, a PAC supporting Allen. Campaign finance records show the PAC had received more than $1 million from Larsen, making him its largest contributor. Larsen has been writing a lot<\/a> of checks these days<\/a>.<\/p>\n