California should get insurance to help cover taxpayers' costs in bad wildfire seasons, a solution that could help stem losses as climate change contributes to more destructive blazes, two state officials said Thursday.
The most populous state should follow the lead of Oregon, the World Bank and the Federal Emergency Management Agency after outspending its emergency fund in seven of the last 10 years, California Insurance Commissioner Ricardo Lara and Treasurer Fiona Ma said.
California spent nearly $950 million two years ago, about $450 million more than was budgeted and by far the highest annual amount. It spent about $677 million last year, as wildfires again swept through cities, suburbs and more rural areas.
California has experienced 11 of the top 20 most destructive fires in its history since 2007.