California FAIR Plan exposure hits $788B as private insurers retreat

California's FAIR Plan, the state's insurer of last resort, now covers 696,000 properties with potential exposure near $788 billion, as private insurers reduce presence after wildfires and higher reinsurance costs. This concentrates risk in the state-backed pool, raising systemic fiscal exposure to climate-driven losses. The development signals deteriorating property-insurance market conditions in California, with implications for housing costs and state finances.