California

Referred to as "vehicle to grid," two-way charging works by sending power to the grid from an electric vehicle's battery while the car is parked and plugged in.

Last month, Farmers Insurance Co. said it would limit sales of new home insurance coverage in California. In May, State Farm General Insurance Co., the state's biggest home insurer, said it would stop writing new policies altogether. Allstate Corp. halted the sale of new policies in the state last year.

CSAA used AI-powered aerial image analysis in a decision to not renew a homeowner's insurance policy in Northern California.

Yellen, who also chairs the Financial Stability Oversight Council, said that a spate of extreme weather events is causing insurers to raise rates on homeowners.

The dispute is over a cyber attack from 2014 through 2015 that potentially exposed personal information of patients at UCLA Health.

AIG's decision comes on the heels of both State Farm and Allstate Insurance Co. announcing plans in recent weeks to stop writing new policies in fire-prone California.

(Bloomberg) --California regulations restrict insurers from using sophisticated computer models to consider the rapidly growing wildfire risks from climate change — and that limitation is a factor pushing US insurers out of the state.

Climate change has increased wildfire risk in California while hurricane losses in Florida have already seen a number of reinsurers cut exposure, Moody's said.

AI tools can help insurers with historical loss projections more effectively predict the impacts of future catastrophes.

The predictive model is powered by AI analysis based on data from over 1,500 wildfire losses.

California's biggest utility said the costs of the Mosquito Fire should be largely offset by insurance and other rate recoveries, according to a filing Thursday with the US Securities and Exchange Commission.

Digital Insurance spoke with Troy about how his role at the insurer has changed since he started at the company in 2019.

More news: MassMutual on iPipeline’s iGO and Neptune Flood partners with SIAA.

The industry’s reliance on historical loss data and traditional catastrophe models is limiting its understanding of future climate risks.

The Insurance Institute for Business & Home Safety announced standards that can demonstrably lower a home’s risk of wildfire damage.

More than 14.5 million single and multi-family homes were affected by natural disaster events last year. There was an estimated $56.92 billion in property damage.

The U.S. utilities sector could suffer annual losses of up to $4.1 billion as climate hazards threaten to batter the industry’s infrastructure, according to a new report.

Consumers getting policies from the California FAIR Plan climbed about 25% in 2020, according to data from the state’s insurance department. That was due to increases in both new policies and renewed ones.

The impending loss and federal probe are the latest blows for embattled PG&E. The company incurred a $1.09 billion third-quarter loss because of bankruptcy costs, state-mandated contributions to a wildfire-insurance fund, prior fire-season damages and other costs, according to a statement.

Sempra’s Southern California Gas Co. utility said it reached a $1.8 billion settlement for individual claims for the 2015 leak at the Aliso Canyon storage facility near Los Angeles, according to a statement Monday. The company reached separate agreements to settle property and business claims for about $40 million.