Reinsurance News
California
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
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
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