BAKERSFIELD, Calif. (KERO) — Insurance rates are a hotly contested topic here in California, whether it’s home, fire, auto, earthquake - the list can go on and on. As the race for the seat continues, 23ABC got a chance to sit down with the two candidates who are looking to shape the future of California’s insurance market as the state’s insurance commissioner.
The office of the Insurance Commissioner's main job is regulation of things like insurance rates, company and agent licensing, investigating fraud, and enforcing consumer protection and state insurance laws.
On the ticket this November are former member of the San Francisco Board of Supervisors and attorney Jane Kim, as well as attorney and state senator covering areas like El Segundo, Santa Monica, and Beverly Hills, Ben Allen.
Kim says if she takes the seat, she wants to see the state of California take on more of a stake in the insurance industry to bring down insurance rates and reinvest in the state.
"I'm the only candidate that is proposing a public nonprofit disaster insurance program guaranteed for every homeowner in California," says Kim. "So this state spends roughly $18 billion on homeowners insurance annually. We estimate that $4 to $6 billion of that is just for the wildfire perils line. So we would claw that portion, keep that here. We would invest those dollars because, by the way, the insurance industry invests our premiums in the market. That's also how they make money and then instead of profits going to shareholders or to CEO pay or to Super Bowl ads, we would actually invest it back in our communities in the form of fireproofing and floodproofing our communities."
While the two candidates fall under the same designation, they differ on what they'd like to see done with California's insurance market. After a meet and greet in Bakersfield Tuesday, Allen says he wants the office to focus on improving the infrastructure in place already to bring down rates.
"The long-term goal is better aligning our system in a way that makes sure that insurers are really rewarding risk reduction, really getting us aligned," said Allen. "Local governments, fire experts, builders, insurers, consumer advocates working together to help our communities become safer, less susceptible to fires and flooding and all other types of disasters and in return far more available affordable insurance in the state."
Election Day is Nov. 3; however, mail-in ballots can be mailed back up to Election Day or at Election drop-boxes throughout Kern County.
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