It appears another insurance carrier is turning sour on wildfire-prone California. Safeco, a Liberty subsidiary, is preparing to stop writing new condo and rental policies in California at the beginning of next year. Liberty stopped writing new condo or rental …
California Insurance Commissioner Ricardo Lara on Friday announced what he’s calling “first of its kind” catastrophe modeling and ratemaking regulation that will allow carriers to use the models as a factor in setting and getting rates. The regulation is a …
California’s wildfires are weighing on home prices more than in the past, and insurance availability does little to help in areas considered to be at higher risk, according to a Federal Reserve Bank of San Francisco study. “Our results suggest …
Summer heat is expected to last well into autumn across much of America, bringing an increased risk of wildfires and severe weather—especially in the Western U.S. and California. Much of the nation will experience a delayed transition to cooler temperatures …
A growing homeowners insurance crisis for Californians is straining brokers who must work harder to get increasingly expensive and more frequently unavailable coverage for their clients, a crisis many of them blame on regulations and wildfires. Wildfires have made the …
While the official start to California’s wildfire season is still a ways off, the best forecast of what’s ahead may be to look back on the year so far, and so far it’s been far busier for firefighters than last …
The number of wildfires per year is going down, but the increasing size and intensity of the fires is creating more property damage than ever before – in fact, the average fire size has tripled over the past 30 years, …
California’s already strained property insurance market is facing a new challenge as two more insurers, Tokio Marine America Insurance Co. and Trans Pacific Insurance Co., plan to withdraw from the wildfire-prone state entirely starting in July. The two companies, units …
Roughly a week after State Farm announced that it would nonrenew tens of thousands of homeowners and commercial apartment policies in California, AM Best has downgraded the company that offered those policies. Last week, State Farm cited its responsibility to …
The California Public Utilities Commission (CPUC) approved a $45 million settlement agreement between its Safety and Enforcement Division (SED) and Pacific Gas and Electric Company (PG&E), for the utility’s part in the destructive 2021 Dixie wildfire. The Dixie fire started …