Speaking at Dolores Park near the golden fire hydrant at 20th and Church streets, Kim said her Democratic opponent, state Sen. Ben Allen, had called shortly before the appearance to concede. As of Thursday afternoon, Kim held 53% of the vote in the closely contested race, according to tallies reported by Mission Local.

The insurance commissioner regulates the state's home, auto, life, workers' compensation and other insurance markets — a portfolio that has taken on heightened importance as climate disasters strain the industry.

Kim's campaign centered on "Disaster Insurance for All," a publicly operated, single-payer program that would cover wildfire damage and other catastrophic losses. Under the plan, homes would automatically receive coverage, with premiums determined partly by property value and disaster risk. Private insurers would remain available for other types of coverage.

"The biggest change in the insurance industry in the past four years is the increase of climate disasters," Kim told The Guardian in September. "We used to have a billion-dollar storm every three to four months, and it seems like we now have one every three weeks, so the price of risk has truly gone up."

Kim has pointed to government-backed insurance programs in New Zealand, France and Spain as models, proposing to use investment income to build reserves and fund wildfire and flood protection. She also wants to limit post-claim rate hikes, cap excessive profits and prohibit credit-based coverage denials. Critics have questioned the plan's cost and lack of detail.

Allen campaigned on a mix of modest industry reforms, consumer protections and expanded wildfire-hardening programs for homeowners. He emphasized his legislative experience and was endorsed by the California Democratic Party, both U.S. senators and several environmental groups.

Kim was backed by Sen. Bernie Sanders, the California Working Families Party and the California Teachers Association.

The race drew nearly $8.2 million in outside spending from political action committees, with about $6.9 million going toward supporting Allen or attacking Kim. Larsen's PAC, Californians for an Affordable Future, spent nearly $2.2 million supporting Allen; Patterson's Right Path PAC spent more than $1.5 million, largely opposing Kim; and a PG&E-backed PAC, Coalition for Homeowners Insurance Reform, contributed nearly $1 million to support Allen.

Kim repeatedly highlighted the corporate money backing her opponent during the campaign. Speaking Friday, she said her proposal for a public, nonprofit insurance system resonated with voters across party lines.

"When we talked to everyday voters, the ideas that we presented around a public nonprofit insurance, whether they were Democrat or Republican, just made sense to them," she said, according to Mission Local.

The victory returns Kim to elected office after nearly eight years away. She served two terms representing District 6 on the San Francisco Board of Supervisors, leaving in 2019, and previously served as president of the San Francisco Board of Education. She lost a close state Senate race to Scott Wiener in 2016 and finished third in the 2018 San Francisco mayoral election. She later became the inaugural executive director of the California Working Families Party.

It was the first general election in which two Democrats competed for the insurance commissioner position, according to Mission Local.

If the results hold, Kim will become the first woman to serve as California's insurance commissioner.