The fault lines running through California’s spiraling homeowners insurance crisis were on display Tuesday at a state hearing, where consumer advocates clashed with industry firms over a plan to allow insurers to use complex computer models to set premiums — a move state officials say will attract insurers to the market.
Tag: homeowners insurance crisis
California Homeowners Insurance Crisis: Thousands to Lose Coverage as Two More Insurers Withdraw
In filings with the California Department of Insurance, Tokio Marine America Insurance Company and Trans Pacific Insurance Company said they would both withdraw from the homeowners and personal umbrella insurance markets in California. Both are subsidiaries of Tokio Marine Holdings Inc., a Japanese company.
Enrollment Spikes in California’s Home Insurer of Last Resort, Raising Concerns Over Its Sustainability
With home insurers scaling back coverage in the state, enrollment is surging in California’s backstop insurance plan — as is the plan’s risk of sustaining losses that it can’t cover.
AAA Pulls Back from Offering Insurance in Florida
AAA will not renew the auto and home insurance policies for some customers in Florida, joining a growing list of insurers dialing back their presence in the Sunshine State amid a growing risk of natural disasters.