CRMBC CEO and insurance industry expert Kaya Stanley explains how there is no state surplus to cover the catastrophic economic losses associated with the Los Angeles wildfires.
The insurance industry is pushing back after Vice President Kamala Harris suggested insurance companies have canceled the policies of victims of California's wildfires, calling her claim "false, wrong and dangerous."
During a press conference regarding the ongoing wildfires on Thursday, Harris said, "Many insurance companies have canceled insurance for a lot of the families who have been affected and will be affected, which is only going to delay or place an added burden on their ability to recover."
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"I think that is an important point that must be raised," she continued, "and hopefully there can be some way to address that issue, because these families — so many of them — otherwise will not have the resources to recover in any meaningful way, and many of them have lost everything."
David Sampson, president and CEO of the American Property Casualty Insurance Association (APCIA), told FOX Business, "It is false, wrong and dangerous to even insinuate that insurers are abandoning their customers, and it's especially concerning coming from a former California statewide elected...
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