Homeowners' insurance
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The fire started Wednesday morning and is currently 0% contained. -
Most carriers paid more in homeowners’ claims than they collected in premiums.
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There are many unknown factors including insurance gaps, high-value property and damage to critical infrastructure.
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The homeowners’ MGA CEO said the wildfires could spur a re-evaluation of models.
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A state-mandated, one-year moratorium on non-renewals is also in place.
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As fires still rage, many fear early $10bn-$20bn estimates were too optimistic.
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Total economic and insured losses are “virtually certain” to reach into the billions.
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Six fires now cover more than 27,000 acres across Southern California.
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The fast-moving blazes have prompted evacuations across the city.
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CA insurers can now use forward-looking cat models in ratemaking.
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A separate Senate report found climate change is also increasing non-renewals.
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Homeowners’ insurance rates have spiked almost 60% since 2018.
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