Wildfires

(Bloomberg) --State Farm, the largest home insurer in California, is asking for an emergency rate hike from state regulators as it warns that multibillion-dollar payouts from the Los Angeles wildfires threaten its balance sheet and the broader insurance market.

Terms of home insurance policies and rising construction costs will affect how those who lost their homes in the Los Angeles wildfires can rebuild.

California had the most natural disasters over the 20 year period according to a study from MoneyGeek.

Tech companies Wuuii and ZestyAI enhance underwriting with risk evaluation capabilities.

The legislation would permit a state government conduit issuer to sell bonds to bolster the last-resort FAIR Plan in the wake of Los Angeles-area wildfires.

Members whose districts include Altadena and Pacific Palisades are behind the measure, which calls for an initial 180-day forbearance period.

A round up of announcements and actions by the state's insurance regulator, a consumer advocate and an industry trade association.

After the California wildfires, other state governments are reacting to wildfire mitigation and related insurance coverage issues, proposing bills or announcing plans for action.

The state's insurance crisis, worsened by the L.A. wildfires, has people talking about measures including mitigating risk, price signaling and even moving residents out of risky areas.

Insights from Clyde & Co, Climate X and Innsure.