Reinsurance News
California
FloodFlash expands coverage to all mainland US locations
24th June 2024
FloodFlash, the parametric flood insurance provider with sensor technology, has expanded its coverage to all mainland US locations. The company is known for offering flood insurance that exceeds the National Flood Insurance Programme (NFIP) in areas where private markets cannot provide quotes, especially in sectors like real estate, sports and entertainment, ... Read the full article
ISC introduces New Marine Division with seasoned industry experts
21st June 2024
Integrated Specialty Coverages (ISC), a programme administrator based in Carlsbad, California, specialising in creating comprehensive insurance solutions using advanced artificial intelligence (AI) and data analytics, has recently introduced its new Marine Division. This division is led by experienced industry professional Kevin Wolfe, along with John Kiernan and Marquam “Marq” Wolfe. Matt Grossberg, ... Read the full article
Emerald Bay & Lightspeed launch homeowners insurance facility in California
20th June 2024
Emerald Bay Risk Solutions, a collaborative underwriting carrier, has partnered with Lightspeed Specialty Insurance Solutions, a subsidiary of Volnay Insurance Holdings, to launch an insurance facility in California aimed at providing comprehensive coverage to homeowners and landlords in a market that has been underserved. This new initiative will focus on homes ... Read the full article
Consumer Watchdog opposes proposal for black-box models in wildfire risk prediction
1st May 2024
Consumer Watchdog opposes Californian Insurance Commissioner Ricardo Lara's proposal to allow insurance companies to use black-box catastrophe models and artificial intelligence (AI) for predicting catastrophic wildfire risks, citing concerns that this approach will increase home insurance rates without transparency or accountability. These concerns were voiced during Consumer Watchdog's testimony at the ... Read the full article
Allstate will return to writing policies in California when reforms are enacted: report
26th April 2024
U.S. primary insurer Allstate will be open to business in nearly every part of California once new regulations are enacted that enable the firm to factor in the output of forward-looking catastrophe models and its reinsurance costs, reports Bloomberg. Last month, we discussed new regulation announced by the state's Insurance ... Read the full article
Rising insurance costs, coverage changes prompt Florida & California homeowners to move: Redfin
22nd April 2024
A Redfin survey has found that nearly three-quarters (70.3%) of Florida homeowners and over half (51%) of California homeowners have seen a rise in insurance costs or change in coverage in the past year. The survey was fielded to 2,995 homeowners and renters in the United States. According to Redfin’s survey, insurance ... Read the full article
MRSI launches FAIR Plan Commercial Wrap product in California
15th April 2024
Commercial insureds in California will now be able to benefit from Munich Re Specialty Insurance (MRSI) newly launched FAIR Plan Commercial Wrap, a new solution available to those insureds who seek comprehensive coverage in tandem with their FAIR Plan coverage. MRSI’s new product will enable insureds to further enhance the protection ... Read the full article
Alliant expands into California through Vinsa Insurance Associates acquisition
10th April 2024
Alliant Insurance Services, an insurance brokerage and consulting firm, has expanded its presence in California through the recent acquisition of Vinsa Insurance Associates within its Alliant Public Entity division. Vinsa is an independent property and casualty insurance agency specialising in tailored and comprehensive insurance solutions for both commercial and personal lines, ... Read the full article
State Farm to pull out of 72,000 California insurance policies
21st March 2024
State Farm General Insurance Company has announced that it will non-renew approximately 30,000 California homeowners, rental dwelling, and other property insurance policies. If you recall, last May, the insurer halted new homeowners policies being issued in the state, citing exposure related issues and a challenging reinsurance market environment. However, State Farm General ... Read the full article
California looks to expand use of cat models to wildfire, terrorism, & flood: Commissioner Lara
20th March 2024
In a move to help drive back a developing insurance crisis across the state of California, that has witnessed companies pulling back on underwriting property insurance there, or exiting the state completely, Insurance Commissioner Ricardo Lara has unveiled a regulation to allow for an expanded use of catastrophe models to ... Read the full article
California’s regulatory restrictions putting financial pressure on insurers: Triple-I
15th March 2024
California’s regulatory restrictions are said to be putting financial pressure on insurers and contributing to limited availability of property insurance in high-risk markets, according to the Insurance Information Institute (Triple-I). An Issues Brief released by the firm, examined the impact of Proposition 103, a 30-years-old measure that has made it hard ... Read the full article
California storms leave 543,000 homes at risk of flash flood damage: CoreLogic
8th February 2024
CoreLogic, the global provider of property information, analytics, and data-enabled solutions, estimates that across the greater Los Angeles area, nearly 543,000 single- and multifamily homes with a combined reconstruction cost value (RCV) of more than $258 billion are at risk of flash flood damage. Reconstruction cost value is the overall cost ... Read the full article
SURE launches surplus lines homeowners insurance in California to address capacity gap
7th February 2024
SureChoice Underwriters Reciprocal Exchange (SURE), in partnership with SageSure, a managing general underwriter focused on catastrophe-exposed markets, has entered the Californian market with the launch of its surplus lines homeowners insurance. The new product addresses critical capacity gap amid a retrenching market - seven of the state’s largest insurers have restricted ... Read the full article
California FAIR Plan partners with ZestyAI to determine appropriate pricing
30th October 2023
The California FAIR Plan Association, the state’s property “insurer of last resort,” has partnered with ZestyAI, a provider of climate and property risk analytics solutions, to access its wildfire risk analytics product to properly assess wildfire risk in the state. Through this partnership, FAIR Plan - the California Fair Access to ... Read the full article
New rules enable insurers in California to better balance loss costs and expenses with pricing
22nd September 2023
As major insurance companies have pulled-back on underwriting property insurance in California, the local government has announced plans to enable insurers to better cover their loss costs and expenses within their pricing. Unlike public utilities, which are required by law to cover all consumers, insurance companies will not write insurance, especially ... Read the full article
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