California FAIR Plan News

California FAIR Plan Stabilization Act Moving Through Legislature

A bill that aims to enable the California FAIR Plan to seek additional claims paying capacity is making its way through state Legislature. Assembly Bill 226, the FAIR Plan Stabilization Act, passed out of the Assembly 72-0. Related: California OKs …

California at Risk of New Insurance Bailout Amid Fire Danger

As Los Angeles-area residents recover from one of the costliest natural disasters in U.S. history, California’s insurer of last resort is careening toward another hot and dry summer with its coffers already strained. That’s raising the prospect that state residents …

California Approves FAIR Plan Request to Assess Insurers $1B for Wildfire Claims

California Insurance Commissioner Ricardo Lara approved a California FAIR Plan request for a $1 billion assessment on admitted market insurers to cover claims from the Los Angeles wildfires. The FAIR Plan reported it has paid more than $914 million to …

LA Wildfires by the Numbers: Insured Losses, Total Losses, Ratings, Rates

The impact of the historic Los Angeles-area wildfires is being broadly examined and continually refined, with updates almost daily on insured losses, total economic losses and damages, credit ratings—and lately worrying outlooks for the effect of the fires on insurance …

Verisk Estimates Insured Losses for Palisades and Eaton Fires at $28B to $35B

New estimates peg insured losses to property from the Palisades and Eaton fires in Los Angels together will fall between $28 billion and $35 billion, which includes losses to the California FAIR Plan. The estimates out on Wednesday from the …

California Commissioner Announces FAIR Plan Modernization Deal

California Insurance Commissioner Ricardo Lara said on Friday that he and the California Fair Plan have agreed to establishing a new high value commercial coverage option with limits up to $20 million per building and other steps that he said …

California Homeowners Sue FAIR Plan Over Smoke Damage Coverage

A class action lawsuit is being brought on behalf of more than 350,000 policyholders against the California FAIR Plan over smoke damage coverage. Dylan Schaffer, an attorney representing the plaintiffs, told SiliconValley.com the idea behind the suit is to force …

SoCal Storms, Back-to-Back Hurricanes in South Central Part of New Normal?

A new AM Best commentary on the latest winter storm to hit Southern California drives home the growing risk and the financial volatility that weather-related losses pose for the insurance industry. According to the commentary, titled “Changing Weather Patterns, Climate …

FAIR Plan Launches Higher Coverage Limits for Commercial, Business Properties

The California FAIR Plan is now offering increased coverage limits for commercial and business properties. The higher limits are being made available in response to customer requests for FAIR Plan coverage of higher value commercial properties. California Insurance Commissioner Ricardo …

People Moves: California FAIR Plan Makes Roach President; Wood Named Washington Chief Deputy Commissioner

Victoria Roach has been appointed by the California FAIR Plan’s executive committee to serve as the association’s next president. Roach will assume the new role on March 1, succeeding Anneliese Jivan, was president of the FAIR Plan since 2009 and …