The California FAIR Plan’s share of the state’s overall residential policies in force rose to 3.1% in 2022, nearly double the 1.6% it held before wildfires in 2017 and 2018 caused tens of billions of insured losses, according to state Department of Insurance data.
Tag: CDI
Commissioner Lara Announces Next Phase of Sustainable Insurance Strategy to Safeguard Californians’ Access to Insurance
Insurance Commissioner Ricardo Lara released his catastrophe modeling regulation that will help restore options for all Californians, the latest phase of his Sustainable Insurance Strategy to safeguard the integrity of the state’s insurance market.
California Regulators Grant Auto Rate Hikes Up to 31%; 75 Requests Still Pending
California regulators are approving strong private passenger automobile insurance rate increases, with a significant number in the 21% to 31% range.
CA Commissioner Lara Gives Progress Report on Sustainable Insurance Strategy
Insurance Commissioner Ricardo Lara told California Assembly members at a legislative oversight hearing that “California is at an insurance crossroads and for many Californians this is an insurance emergency.”
California Regulator Says Work Underway to Transition Closed CSE Book of Homeowners, Auto Customers to Comparable Policies
The California Department of Insurance is working on rate filings to transition Civil Service Employees Insurance Co.(CSE) homeowners and personal automobile policyholders to comparable policies, according to spokesman Michael Soller.
California Regulators Consider Insurers’ Use of CAT Models for Property Rates
If California regulators decide to permit the use of catastrophe (CAT) modeling to set rates, they must balance two interests: public transparency and the protection of proprietary information.
APCIA to CDI: Cat Modeling An Important Step to Manage Increasing Climate Change Threats
“We are pleased to see the CDI continue their work to explore the benefits of catastrophe models, including how forward-looking models can be used to better assess increasing risks caused by climate change and drier conditions.”
CA Commissioner Lara and FAIR Plan Reach Agreement to Increase Commercial Property Insurance Limit to $20M
This important adjustment more than doubles existing coverage limit options for California businesses.
California State Farm Auto Insurance Customers to See a $264M Rate Increase
California drivers who use State Farm for their auto insurance coverage are facing a premium increase of $263.7 million.
CA Commissioner Lara Submits First-in-Nation Wildfire Safety Regulation to Drive Down Insurance Costs
Insurance Commissioner Ricardo Lara submitted his insurance pricing regulation to the California Office of Administrative Law that would recognize and reward wildfire safety and mitigation efforts made by homeowners and businesses. The regulation is the first in the nation requiring insurance companies to provide discounts to consumers under the Safer from Wildfires framework created by… Continue reading CA Commissioner Lara Submits First-in-Nation Wildfire Safety Regulation to Drive Down Insurance Costs