Consumer Watchdog Says Lara’s Undisclosed Deal Will Allow Insurance Companies to Use Algorithms And Reinsurance Costs to Hike Home Insurance Rates, Potentially Turning California Into Florida

SACRAMENTO, Calif., Sept. 21, 2023 /PRNewswire/ — Today’s announcement by Insurance Commissioner Ricardo Lara that he would allow insurance companies to use secret algorithms to set rates for homeowners’ coverage for wildfire and to add reinsurance costs to premiums will lead to higher…