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The two companies, units of Japan-based Tokio Marine Holdings Inc., said the decision will affect 12,556 policies with premiums of $11.3 million.
April 19 -
The move comes just nine months after State Farm announced plans to stop issuing new coverage in the most populous US state.
March 26 -
The jury is still out on whether the California insurance regulator's plan to let insurers use catastrophe modeling for rates will make wildfire loss coverage more widely available.
March 25 -
A preliminary calculation from Accuweather put the estimated losses at $9 billion to $11 billion after more than 10 inches of rain fell in the mountains west of Los Angeles, making it one of the wettest two-day periods in 147 years, AccuWeather said.
February 7 -
Risk analytics essential to equip P&C insurers in California with the capabilities to precisely identify, evaluate and price risk.
December 8Guidewire Software -
Capco predicts a greater emphasis on collaboration between insurers and the DOI to ensure ongoing coverage for policyholders as the DOI will take on additional governance and responsibilities when partnering with insurers to protect insured individuals.
November 10Capco US Insurance Practice -
AIG has pulled away from writing some business in California, while other insurers have taken similar steps in that state as well as in Florida.
October 19 -
Under the new rules, which are slated to be completed by December 2024, insurers will be able to raise premiums based on current and future risks as long as they agree to provide a certain share of coverage in areas vulnerable to fires. The existing rules only allow them to consider historical data.
October 18 -
(Bloomberg) --California's insurance commissioner announced a new regulatory plan backed by the industry that would allow insurers to factor future climate risks into their pricing and require them to offer more coverage in fire-prone areas.
September 22 -
First Street estimates that 39 million U.S. homes are insured at artificially suppressed prices compared with the risk they actually face. Of those, nearly 6.8 million homes are covered by state-backed "insurer of last resort" policies.
September 20