Many people may not think of the insurance industry as one that sits right at the heart of some of the most important policy debates of our time. But Massachusetts insurance commissioner Michael Caljouw, in his role as the industry’s top regulator in the state, is weighing complicated tradeoffs around affordability and consumer protection, massive changes from the Trump administration, the rising cost of health care, and climate change.
Caljouw brings a long career in both the public and private sector to the role, where he oversees the nation’s 14th-largest insurance market with 1,500 licensed insurance companies collecting some $80 billion in premiums annually. The industry he’s regulating is going through seismic changes, as the state’s insurer-of-last-resort, known as the FAIR Plan, is insuring more flood-prone and risky coastal properties, health insurers seek rate hikes, and the Trump administration launches policies that undermine the funding for health programs on which Massachusetts residents have come to rely.
Caljouw sat down with CommonWealth Beacon to discuss how his office is navigating the shifting landscape. The following interview was edited for length and clarity.
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Published by MassINC