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The bill would put new restrictions on bad faith claims, close loopholes. -
The homeowners’ carrier has secured Floir approval.
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The industry loss number has increased threefold from an initial $5bn pick.
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CEO Cerio highlighted changes that allowed the insurer of last resort to combine commercial, coastal and personal lines.
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The new agreement provides $40mn of aggregate limit excess of zero.
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California’s crisis spurred the biggest reforms in decades.
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The state reinsurer of last resort discussed options for 2025 reinsurance buying strategy.
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The insurer will conduct an audit to ensure “transparency and accountability.”
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The 2025 target would be ~25% larger than the $3.56bn it placed for 2024.
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Weiss Ratings has claimed that insurers are short on reserves and deny legitimate claims.
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The loss figure has increased 200% from the initial number provided in October.
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The last time Citizens had fewer than 1 million policies was in 2022.
