FAIR BAILOUT has begun

[Markthebroker]

Lara is such an ass-clown.

 

[ehall2]

We're headed for a constitutional crisis.

 

[Allen Trent]

Yeah. Finally, a politician with a Spine that is standing up to the greedy CA insurance companies.

I know he has thought it through & this will end well for all parties.

Insurance commissioner rejects State Farm's request for 22% emergency rate hike

Insurance Commissioner Ricardo Lara on Friday rejected State Farm General's request for an emergency 22% home insurance rate hike due to the Los Angeles fires unless the insurer can provide more evidence it is warranted.

www.latimes.com

 

[toolbelt]

you dont understand. in California, premiums charged dont factor in risk. The state of CA & the regulators control the premiums to be less than enough to cover the risk of normal events, let alone once in a lifetime events (that happen every decade in CA)

you also dont understand PC reinsurance market of recent...they have no interest in CA, especially the riskier areas. the reinsurances in normal areas have raised retention limits( carrier deductibles) & massively raised reinsurance rates to carriers. This has caused regional carriers all over the US, even lower risk areas to have to non-renew entire lines of business or leave areas/states they were profitable in because they are not big enough to absorb the maximum potential losses without reinsurance protection

Well who the heck forced people to buy homes in areas that historically burn every 100 years, and whose forest health actually depends on cyclical burning?

 

[Markthebroker]

Yeah. Finally, a politician with a Spine that is standing up to the greedy CA insurance companies.

I know he has thought it through & this will end well for all parties.

Insurance commissioner rejects State Farm's request for 22% emergency rate hike

Insurance Commissioner Ricardo Lara on Friday rejected State Farm General's request for an emergency 22% home insurance rate hike due to the Los Angeles fires unless the insurer can provide more evidence it is warranted.

www.latimes.com

Lolz, the evidence is that nobody wants to write insurance in California anymore.

 

[NY independent]

NY is similarly struggling. Only 3 admitted carriers writing monoline HO downstate NY right now and very picky. We are writing most with E&S.

 

[axeman462]

insolvency filings of the smaller carriers forthcoming.

Florida has 15 currently pending insolvency & hundreds of carriers on the closed list of insolvency. [EXTERNAL LINK] - Closed Companies

Many on the closed list have been closed for decades