Reinsurance News
California
Rising home premiums & reduced availability could impact California and Florida housing markets: Fitch
8th September 2023
In a recent report, Fitch Ratings has warned that the increasing premiums and reduced availability of homeowners' property insurance in California and Florida could have far-reaching effects on housing markets, development activities, overall economic growth, and local government tax bases over time. This situation arises as insurers re-evaluate their exposures in ... Read the full article
Fair Plan to offer discounts for homeowners taking steps to protect against wildfire
14th August 2023
The California Fair Plan Association is set to introduce new home hardening discounts for policyholders who take steps to make their homes safer from wildfires. The discounts will be effective from August 23, 2023. While residents of the state continue to struggle with the impacts of climate-fueled natural disasters across California, the ... Read the full article
Farmers Insurance to limit home policies in California, APCIA responds
10th July 2023
Farmers Insurance is capping its new homeowners policies in California starting this month, marking yet another major carrier limiting its coverage in the state. “Effective July 3, Farmers will limit new homeowners insurance policies in California to a level consistent with the volume we projected to write each month before recent ... Read the full article
State Farm stops writing California property, cites exposure & reinsurance challenges
29th May 2023
US primary insurance giant State Farm is ceasing to underwrite commercial and residential property in the State of California, citing exposure related issues and a challenging reinsurance market environment. The company said that its State Farm General Insurance Company, the firms homeowners insurer in California, will "cease accepting new applications including ... Read the full article
Amwins partners with Kettle, PartnerRe on excess wildfire product for California
5th April 2023
Amwins Access, a binding and brokerage platform for the P&C industry, has launched the Excess Wildfire Product that has been designed to complement a self-insured retention plan or the California FAIR (or a similar) plan. Amwins has partnered with PartnerRe Insurance Solutions Bermuda Ltd., a global reinsurer, to offer its excess ... Read the full article
California to increase commercial limits for FAIR Plan cedents
31st March 2023
Insurance Commissioner Ricardo Lara and the California FAIR Plan Association have agreed to increase commercial coverage limits to $20 million for businesses unable to find coverage in the normal insurance marketplace. This adjustment more than doubles existing coverage limit options for businesses in the state, which had not been adjusted in ... Read the full article
Slew of California homes at risk following Pajaro River levee breach: CoreLogic
20th March 2023
CoreLogic has estimated that 5,895 single and multifamily residential properties with a combined reconstruction value (RCV) of $2.88 billion are at risk of flooding following the Pajaro River in Central California overflowing its levee. On March 10, the water level in the Pajaro River surpassed its levee, leading to a breach ... Read the full article
Changing climate increasing challenges for California re/insurers: AM Best
2nd March 2023
A new report from AM Best cites that the latest winter storm that has been affecting Southern California underscores the growing risk of financial volatility that weather-related losses pose for the insurance industry. The report highlights that the recent winter storm in California – the nation's largest state by population and ... Read the full article
California floods unlikely to be huge loss for re/insurers: J.P. Morgan
30th January 2023
A new report from J.P. Morgan has stated that the recent California floods are unlikely to be a huge loss for the insurance industry. The California floods hit from late December to early January. The state was hit with extreme rain and winds, leaving entire neighbourhoods under water, downing trees, and ... Read the full article
Moody’s RMS estimates $5-7bn in economic losses from California flooding
25th January 2023
Global catastrophe and risk modelling solutions firm, Moody’s RMS estimates total US economic losses from the recent California flooding to be between $5-7 billion. This estimate reflects inland flood impacts for the US, which includes damage to infrastructure. The insured losses are anticipated to be between $0.5-1.5 billion, including losses to ... Read the full article
California flooding losses to exceed $30bn, just $1bn to be insured: Argenta
19th January 2023
Only $1bn is expected to be insured from an estimated economic loss of over $30bn caused by fierce storms, torrential rain, high winds and flooding that the state of California has experienced since late December 2022, according to Argenta analysts. These events have pushed thousands of people to evacuate their homes, ... Read the full article
California flooding will shine a spotlight on private flood insurance: AM Best
18th January 2023
A report from AM Best has suggested that the historic ongoing flooding in California highlights a need for a robust private flood market. Since late December, California has been hit with extreme rain and winds, leaving entire neighbourhoods under water, downing trees, and causing severe mudslides. AM Best's report explains that the ... Read the full article
Palomar completes select California earthquake reinsurance programs
4th January 2023
Palomar Holdings, a speciality California-headquartered insurer, has renewed some of its earthquake reinsurance programs covering California earthquake risk, buying incremental reinsurance limit as well, despite an “unquestionably” hard reinsurance market. The insurer said that it has renewed its California Commercial Earthquake quota share reinsurance program, increased the cession percentage, and secured ... Read the full article
California earthquake to cause $600m of economic loss in Humboldt County: RMSI
28th December 2022
According to global GIS and geospatial technology company, RMSI, a 6.4 magnitude earthquake that jolted the northern coast of California near Ferndale on 20 December is set to cause $600 million of economic loss in Humboldt County. RMSI states that the earthquake occurred in the vicinity of the Mendocino triple junction, ... Read the full article
California looks to lower insurance costs with new wildfire regulations
18th October 2022
California has introduced new wildfire safety regulation to help drive down cost of insurance by recognizing and rewarding wildfire safety and mitigation efforts made by homeowners and businesses. Insurance Commission Ricardo Lara’s regulation will require insurance companies to submit new rates that recognize the benefit of safety measures such as upgraded ... Read the full article
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