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Committee advances climate resilience insurance grant program to address insurance gaps
Summary
AB 12 36 would establish a Climate and Sustainability Insurance and Risk Reduction Grant Program at the Department of Insurance to pilot insurance interventions—such as parametric or community‑based products—and to fund risk‑reduction projects in vulnerable communities; the committee passed the bill to Appropriations.
Assemblymember Celeste Rodriguez’s AB 12 36 was passed to the Appropriations Committee after testimony that the bill would create a grant program at the Department of Insurance to pilot approaches to close insurance protection gaps related to wildfire, flood, heat and sea‑level rise.
The bill’s sponsor and Insurance Department officials described pilot projects that…
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