FAIR Plan stats show sharp rises in exposures, number and value of policies

The California FAIR Plan, the state's home insurer of last resort, released data showing sharp increases in total exposure, policy counts, written premiums and new business. 

The state's insurance commissioner, Ricardo Lara, had promised release of the data on July 1.

As of June, FAIR Plan total exposure was $649.4 billion, a 42% increase over its $458.1 billion in exposure in September 2024, the end of the previous fiscal year. The figure is a 289% increase over its $166.9 billion in exposure in September 2021.

The number of policies the FAIR Plan has increased from 464,900 last September to 610,179 in June, a 31% increase. In September 2021, the number of policies was 240,123. The increase from then to now is 154%.

The value of policies written by the FAIR Plan rose from $1.4 billion in September to $1.84 billion, a 33% increase. The current value is a 315% increase over the $444.7 million in value in September 2021. 

New policies on the FAIR Plan so far this fiscal year, beginning in October, numbered 204,269, which averages to 22,697 per month, a 28% increase over last fiscal year. The total number of new policies for all of the last fiscal year was 212,960. The current fiscal year still has two and a half months left. In the fiscal year ended in September 2022, the number of new policies was 65,500. The current monthly average is a 316% increase over the average of that fiscal year.