Wildfires

Travelers Cos. said it expects about $1.7 billion of pretax losses from the wildfires that devastated Los Angeles last month.

Before the wildfires, California decided to pass on reinsurance costs to policyholders. After the fires, California is considering catastrophe bonds to help shore up the state's insurer of last resort. A consumer advocate says these measures concentrate too much risk locally and do not improve home insurance availability.

Regulator says it will rule urgently; Consumer Watchdog says insurer must disclose more information to justify an increase.

(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.