California

In California, wildfire readiness is quickly becoming a financial necessity.

California hospitals will be forced to close if they don't complete earthquake safety upgrades by 2030. Gov. Gavin Newsom vetoed a bill to extend the deadline.

California ordered home insurers to maintain coverage during the next year for 750,000 customers in four counties ravaged by wildfires that are still burning east of Los Angeles.

A bill would allow the California Infrastructure and Economic Development Bank to issue debt for California's FAIR Plan, its property insurer of last resort.

The rate hike, which will take effect from November, will impact about 350,000 policyholders across California.

OpenAI is opposing a bill in California that would place new safety requirements on artificial intelligence companies, joining a chorus of tech leaders and politicians who have recently come out against the controversial legislation.

The California Department of Insurance, responding to consumer advocate groups' criticisms, issued a plan that its commissioner says will keep rate increases in check.

California and Oregon are experiencing yet another record-setting year of wildfires amid increasing uncertainty about FEMA and property insurance backstops.

While insurers like State Farm General Insurance Co. and Allstate Corp. are retreating to avoid costly fire damage claims, Delos is going all in.

California's lofty home prices and scarce inventory already amounted to one of the most nightmarish housing markets in the U.S.

California, rushing to halt an exodus of property insurers fleeing wildfire risk, has designated regions of the state where companies will be required to provide coverage in exchange for new industry-friendly regulations.

Municipal analysts have been tracking the challenges faced by home insurers in California and other states plagued with extreme weather events as a harbinger of credit risk.

California Governor Gavin Newsom said he wants lawmakers to expedite the approval process for insurance companies seeking to hike rates, saying an overhaul of the state's market is taking too long.

Allstate Corp. will end its years-long pause on underwriting in California as soon as the state regulator adopts proposed regulatory changes to make it easier for insurers to raise rates, according to a company spokesperson.

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.

The move comes just nine months after State Farm announced plans to stop issuing new coverage in the most populous US state.

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.

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.

Risk analytics essential to equip P&C insurers in California with the capabilities to precisely identify, evaluate and price risk.

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.