Why Insurance Companies Have Fled the CA Market & How We Get Them Back | Patrick Wolff
Why Insurance Companies Have Fled the CA Market & How We Get Them Back | Patrick Wolff  
Podcast: State of Gold
Published On: Tue Mar 31 2026
Description: Guest:Patrick Wolff, Candidate for CA State Insurance CommissionerGuest Bio: Patrick Wolff is a chess grandmaster, entrepreneur, and Democratic candidate for California Insurance Commissioner. He is focused on restoring functionality to California’s broken homeowners insurance market, increasing wildfire mitigation efforts, and reforming how the Department of Insurance regulates insurers operating in the state.Show SummaryCalifornia’s wildfire insurance crisis didn’t begin with the Palisades and Altadena fires. It began years earlier, when rising wildfire risk collided with rigid regulation and a shrinking insurance market.In this episode of State of Gold, Jon Slavet sits down with chess grandmaster and CA State Insurance Commissioner candidate Patrick Wolff to unpack what went wrong — and what needs to change. Wolff explains how, after the catastrophic 2017 and 2018 fires, insurers sought to adjust pricing to reflect increased risk but were blocked from doing so. As risk rose and pricing flexibility remained constrained, insurers pulled back. State Farm expanded aggressively, only to later non-renew policies and seek emergency rate hikes, leaving homeowners trapped in a fragile and under-competitive market.The conversation goes deeper than rates and policies. Wolff discusses the need for more aggressive forest management and controlled burns, how well-functioning insurance markets provide critical risk signals, and why regulators should focus on consumer protection and competition rather than dictating prices. It’s a candid discussion about accountability and leadership, and whether California can rebuild both its insurance market and public trust.Chapters00:01 – A Chess Grandmaster Enters the Insurance Debate00:27 – Was the Fire Crisis Man-Made?02:59 – Controlled Burns & Fire Risk Management05:59 – How California’s Insurance Market Broke09:55 – Why Regulators Blocked Risk-Based Pricing12:17 – What Fair & Competitive Pricing Should Look Like15:15 – Fire Hardening Homes: What Works & What It Costs17:18 – Why Home Hardening Is a Public Good19:06 – Day One as Insurance Commissioner19:47 – Leaders He Respects20:51 – What Gives Him Hope About CaliforniaConnect with Patrick WolffWebsite: https://patrickwolff.com/eventsInstagram: https://www.instagram.com/wolffonyourside/LinkedIn: https://www.linkedin.com/in/patrick-wolff-222192/Enjoyed the episode? Subscribe to our podcast, leave a review on Apple Podcasts or Spotify and join the conversation on Instagram and LinkedIn with the hashtag #stateofgoldpodcastConnect with State of GoldX: https://x.com/realjonslavetLinked In: https://www.linkedin.com/company/stateofgold/aboutInstagram: https://www.instagram.com/stateofgoldpodcast/?hl=enWebsite: www.stateofgold.com