California’s Green Insurance Products: Investing In Resiliency

While 2020 has been a tumultuous year for risk managers domestically, California has seen more than its fair share of difficulties.

Economic ramifications for small businesses mounting as a result of the pandemic, more than 650 wildfires scorching millions of acres, and the growing debate over California’s passing of AB5, a labor law requiring many gig economy employers to classify workers as employees instead of independent contractors.

There is a bright spot that has been overshadowed by these crises, and it will allow Californians to breathe easier.

On July 14th, The California Department of Insurance Commissioner Ricardo Lara launched the first database of green insurance products.

The database showcases over 400 eco-friendly insurance products promoting ideas such as reduced premiums for low emission vehicles, discounts for green energy use and energy certification, and even offering products that protect low-income communities and natural ecosystems.