Colorado Senate Blocks Wildfire Reinsurance Program Amid Insurance Cost Concerns

Colorado lawmakers have rejected a bill that aimed to establish a state-backed wildfire reinsurance program to support the property insurance market amid rising wildfire risks. The proposed program would have provided financial backing to insurers against major wildfire losses while requiring insurers to offer coverage in high-risk fire zones and levying fees on homeowners' insurance, with exemptions for wildfire-prepared properties. Despite passing the state House with some Democratic support, the bill failed in the Democratic-led Senate Finance Committee due to concerns over increasing costs for homeowners.