LA fires could drastically drive up insurance premiums — and test California’s new market rules
The deadly and destructive fires in Los Angeles — which some say could be the costliest in the state’s history — will further strain the insurance market and worsen the financial position of California’s insurer of last resort.
The Insurance Crisis That Will Follow the California Fires
In 2019, the number of homeowners’ policies in California that were not renewed jumped by more than thirty per cent. In 2023, two giant insurers, State Farm and Allstate, announced that they would stop writing new policies for various forms of property insurance in California.
The Palisades Fire could cause more than $10 billion in damages, further straining the state’s fragile insurance market. On ...
Insurance Commissioner Ricardo Lara said he's ordered insurance companies to have a one-year moratorium on insurance ...
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The California insurance commissioner issued a mandatory one-year moratorium on non-renewals and cancellations to protect ...
Many Los Angeles-area residents devastated by fire will lean on Washington and charitable aid—and draw on their own savings.
California Fires Have Caused Billions of Dollars in Losses. Why Insurance Stocks Have a Brighter Future. Watching Pacific ...
California banned insurers from canceling or not renewing residential property policies in the Los Angeles neighborhoods that ...
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Insurance companies in California will have to offer coverage to homeowners in wildfire-prone areas under a new state ...
Tens of thousands of California residents will be forced to decide whether to permanently relocate or face construction bills after a wildfire crisis that’s weakened California’s insurance.
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