Reinsurance News

California

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

California Wildfire Fund’s durability assessed as nearly 100%

28th July 2022

The latest draft report to the California Catastrophe Response Council and the Legislature on Wildfire Fund Operations states that the fund seems overwhelmingly able to meet its obligations under three different scenarios laid out by experts. The three scenarios laid out by the authors are a base scenario, where there is ... Read the full article