News
Overhaul of FAIR Plan last-resort home insurance proposed
1+ hour, 41+ min ago (296+ words) California's legislature and insurance commissioner have proposed an overhaul of the state's home insurance of last resort, the FAIR Plan. The Make It FAIR Act, AB 1680, aims to improve claims handling, coverage options and transparency for wildfire survivors. Lisa Calderon,…...
California regulator disputes presidential order on wildfire recovery
6+ day, 3+ hour ago (332+ words) California insurance regulators and consumer advocates said President Donald Trump's executive order preempting state and local permit processes is not enough to ensure recovery from last January's L.A. wildfires." California insurance commissioner Ricardo Lara, in three posts on X responding to…...
One year later, California wildfire recovery still has a long way to go
3+ week, 5+ day ago (188+ words) One year after the Eaton and Palisades wildfires in Los Angeles, the insurance industry and fire survivors paint contradictory pictures of the region's recovery. According to a Morningstar report, the fires caused $40 billion in insured losses, accounting for nearly half…...
California insurance consumer laws take effect, with more proposed
3+ week, 5+ day ago (266+ words) As seven new laws regarding wildfire insurance claims and insurance industry issues and practices took effect in California on January 1, more may be on the way. State insurance commissioner Ricardo Lara and state senator Steve Padilla, who chairs the Senate's…...
Zillow deleting home climate risk scores reveals limits of flood, fire data
1+ mon, 3+ week ago (846+ words) When Zillow Group Inc. removed climate risk scores from its home listings last month, following a complaint from the real estate industry, many observers took to the'press'and'social media'to warn'that disappearing the data doesn't get rid of the risk.' In a…...
Travelers Institute: How aerial imagery and geospatial data have transformed property insurance
2+ mon, 2+ week ago (328+ words) The digitalization and availability of public records have also provided insights into a home for carriers to more accurately price risk, helping to determine property characteristics such as prior losses, construction type or distance from a fire department. "Understanding these…...
Industry, advocates react to California's proposed insurer solvency rules
2+ mon, 2+ week ago (368+ words) According to Taylor, the ORSA framework for insurers' solvency, authored by the National Association of Insurance Commissioners and adopted by California in 2015, is sufficient. Solvency projections extended to 2040 or 2050 are too speculative, according to Bruce Byrnes, chief compliance officer at…...
Hedge funds targeting fire insurance hit a wall in California
3+ mon, 4+ week ago (827+ words) (Bloomberg) --Hedge funds speculating on wildfire insurance claims in California were just dealt a legal blow, after the state adopted new legislation designed to stifle such bets. Under the law,approvedlast month by California Governor Gavin Newsom, alternative investment managers…...
California legislature signs off on FAIR Plan financing
4+ mon, 1+ week ago (425+ words) California's legislature has passed a bill to help finance the state's home insurer of last resort, but as of September 18, was still making corrections before sending it to the governor. The bill could address the FAIR Plan's continued increases in…...
California moves to build public wildfire catastrophe model
4+ mon, 1+ week ago (395+ words) Legislation passed by California's legislature and sent to the governor September 17 will allow the state to build its own public wildfire catastrophe model. The bill's passage does not guarantee that the model will get built, or, if it does, that…...