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.
Tag: insurance of last resort
Homeowners Flock to Last-Resort Insurance Policies
More than 30 states have some form of last-resort plan for people who can’t get coverage elsewhere. Plans can be statewide or restricted to coastal regions. Coverage varies between states, ranging from all-perils policies to those that cover wind, hail or fire only.
Colorado’s New FAIR Plan Should Be a ‘Last Resort,’ Insurance Groups Say
Insurance industry groups say they are working to ensure Colorado’s new FAIR plan will avoid the pitfalls of other states and truly provide last-resort policies for consumers who cannot find coverage on the private market.
Insurance Agents in Louisiana Scramble to Find Homeowners Coverage Amid Policy Cancellations
Insurance agents are feeling the pressure as they scramble to find new coverage for tens of thousands of Louisianans who are losing their home insurance this month and next month. “I worked until 2:30 in the morning writing policies,” Ross Fayard, owner of Amstate Insurance says. Fayard was already dealing with finding new coverage for… Continue reading Insurance Agents in Louisiana Scramble to Find Homeowners Coverage Amid Policy Cancellations