‘Protect people, not profits’: Insurance commissioner candidate Jane Kim’s pledge

Former San Francisco Supervisor Jane Kim has entered the race for California insurance commissioner, seeking to become the first Korean American to hold the statewide post. The Jane Kim Insurance Commissioner campaign centers on reshaping what she calls a system that prioritizes profits over policyholders.

Kim, who previously made history as the first Korean American elected official in San Francisco, announced her candidacy January 21. In a February 11 interview, she said California’s insurance structure no longer serves its intended purpose.

“Insurance is not just a financial product,” Kim said. “It is infrastructure that allows people to participate in the economy. Right now, the system is failing to fulfill that role.” She added that coverage must be accessible and affordable for all residents.

Kim pointed to what she described as structural shifts within the insurance industry. According to her, insurers increasingly focus on investing premium revenue in stock and bond markets rather than prioritizing claims payments.

She argued that shareholder interests often shape claims practices. “I’m not opposed to insurers making profits,” Kim said. “However, excessive profit-seeking distorts the system.”

Her concerns extend to claim delays following major disasters, including last year’s large wildfires in the Los Angeles area. Kim said insurers should not raise premiums or cancel policies solely because customers file valid claims. She proposed freezing premium rates and coverage terms at the time a claim is submitted.

In addition, she called for mandatory timelines for paying out claims in cases where homes are completely destroyed. “Victims need to begin rebuilding,” she said, criticizing documentation requirements she described as unrealistic during disasters.

A central plank of the Jane Kim Insurance Commissioner platform is public disaster insurance. Kim said the proposal would not replace private coverage entirely. Instead, the state would assume responsibility for large-scale risks such as wildfires and floods.

Under her plan, private insurers would continue to provide standard homeowners coverage. Meanwhile, the state would manage catastrophic risks. She said that separating these functions could allow premium revenue to be reinvested in prevention infrastructure.

Kim also emphasized accountability. “Public disaster insurance would be subject to voter oversight,” she said. “That increases transparency and responsibility.”

Addressing concerns that stricter regulations could drive insurers out of California, Kim rejected that claim. She said premium increases and policy cancellations have occurred in states with lighter regulation as well.

She proposed requiring insurers to spend at least 65 cents of every premium dollar on claims. Companies that fail to meet that threshold would refund consumers.

Kim highlighted the stakes for Korean American residents. She noted that many first-generation immigrants operate small businesses and own property. Sharp premium increases, she said, could threaten their livelihoods.

“If insurance stops functioning properly, the economic impact will not be limited to one community,” Kim said. “It will affect the entire state.”

She pledged to meet directly with Korean American constituents if elected. “The insurance department exists to serve residents,” she said. “I intend to prove that.”

Background

Born in New York in 1977, Kim earned a degree in political science from Stanford University and graduated from UC Berkeley School of Law. She served on the San Francisco Board of Education from 2007 to 2010 and later represented District 6 as a supervisor from 2011 to 2019. In 2020, she was California political director for Sen. Bernie Sanders’ presidential campaign.

Kim said her public service record distinguishes her candidacy. “Unlike others, I am running because I genuinely want this position,” she said. “I want to return insurance to a system centered on people and communities.”

BY KYEONGJUN KIM   [kim.kyeongjun1@koreadaily.com]