Gavin Newsom: “California is among the most affordable insurance markets in…”

“We had to address the reinsurance market, we had to address the capital needs of these companies and we also had to address the fact that California is among the most affordable insurance markets in the country because the voters initiated a framework on regulation that denied significant rate increases. As a consequence of that, people started exiting the market. The reforms we've just put into place allow for more rapid rate increases.” (10:15–10:39)

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.