If the old adage “As California goes, so goes the nation” is true, then 2024 will be another year of industry retooling as insurers and regulators set a path for the future of the U.S. P/C property insurance market.

Homeowners in the nation’s most populous state will likely be waiting until 2025 to start seeing rate relief as regulatory modernization takes shape, California Insurance Commissioner Ricardo Lara told state lawmakers at an Assembly Insurance Committee hearing in mid-December, reiterating a December 2024 target date for completing the regulatory reforms set forth in the department’s “Sustainable Insurance Strategy,” announced in September 2023. (Related articles: “Calif. Commish Calls for Biggest Reform Since Prop 103; Planned Fixes Detailed” and “California’s Next Steps: Picking the Right Cat Models and Staffing Up“)