California's Insurance Commissioner, Ricardo Lara, has taken action to enable property insurers to incorporate climate-related risks, such as wildfires, into their rate calculations.
A house is fully engulfed by flames at the Dixie Fire, a wildfire near the town of Greenville, California, United States, on Aug. 5, 2021.The measures by the state's insurance regulator follow an executive order by Governor Gavin Newsom urging regulatory action to expand coverage in underserved areas, account for catastrophe risks in rates, and keep the FAIR Plan solvent.
A report by broker Gallagher Re in July said U.S. property catastrophe reinsurance rates rose by as much as 50% at a key July 1 renewal date, with states such as California and Florida increasinglyThe continued retreat of larger insurance carriers from the California residential property insurance market signals ongoing regulatory constraints, rising cost inflation, and higher catastrophe losses, credit rating agency Fitch said in a note earlier this year.
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Can this plan fix California's insurance crisis? What you need to knowInsurance Commissioner Ricardo Lara unveils a plan to shore up the California insurance market for homeowners.
Les mer »
California's homeowners insurance crisis is growing and spreading to car insuranceInsurance is getting more difficult to get in California, and it’s not just homeowners insurance anymore.
Les mer »
Wildfire-prone CA to consider new rules for property insurance pricing, commissioner announces'With the climate crisis and historic inflation, we are truly living in unprecedented times,' Insurance Commissioner Lara said.
Les mer »
Ricardo Lara unveils insurance plan for CA wildfiresThe state's top insurance regulator puts forward a plan to get insurers to return to areas most affected by California wildfires.
Les mer »
Dauphin Island homeowners quiz state insurance commissioner about rising rates, cancellationsThey came to Sea Lab's Shelby Hall looking for insurance advice, not just a way to keep home insurance affordable, but simply available. So many people came tha
Les mer »
Opinion: California can lead nation with a public option for health insuranceState is uniquely suited to pioneer this approach and has hard evidence that it will work.
Les mer »