USAA's outgoing CEO Wayne Peacock and incoming CEO Juan Andrade discussed rising insurance costs in California due to inflation, climate change, and wildfire risks. Peacock mentioned that expensive real estate and properties in fire zones complicate pricing. Andrade pointed out reinsurance costs driven by climate risk. New regulations from the California Department of Insurance aim to stabilize the market but may lead to significant rate hikes for homeowners, raising concerns about coverage in high-risk areas.
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