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Insurance is a capital-intensive business with thin profit margins, and many insurers have been hemorrhaging money in California in recent years as wildfires intensify. 2018’s Camp Fire in ...
At the end of 2024, the state's insurance commissioner enacted a measure aimed at expanding coverage in wildfire-afflicted areas after many companies scaled back following other devastating blazes.
“Insurance companies have seen a significant number of these events over the last five or 10 years,” Firas Saleh, director of wildfire models for North America at Moody’s, told ABC News.
California's levy of $1 billion on private insurers to help pay out wildfire claims in its state-created safety net program has renewed focus on the challenges the industry faces in a market ...
The Sustainability Accounting Standards Board (SASB) is a non-profit organization, founded in 2011 by Jean Rogers [1] to develop sustainability accounting standards. Investors, lenders, insurance underwriters, and other providers of financial capital are increasingly attuned to the impact of environmental, social, and governance (ESG) factors on the financial performance of companies, driving ...
If the FAIR Plan does not have the money to pay out all claims, it collects money from insurance companies that operate in California. [5] According to data from 2020, the FAIR Plan covers 2.5% of the statewide market share, but 20.4% of the market share in ZIP codes at high risk from wildfires. [6]
As a result, a fast-growing number of California residents have switched to a state-backed “last resort” insurance plan. That plan has taken […] California fires show states’ ‘last ...
The December rule change, announced just days before the fires in Southern California started, allows insurers to include the cost of reinsurance policies – insurance companies’ own insurance ...