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CA insurers can now use forward-looking cat models in ratemaking. -
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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The Federal Insurance Office has data collected from over 300 insurers.
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Fronting growth fell by half in 2024 due to uncertain loss climate and high cost of capital.
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The regulations are part of a state effort to expand wildfire coverage.
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The promotions are in the commercial/life and personal/specialty operations.
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Wildfire risk destabilized the state’s market, spurring regulator attention.
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Malibu, which has 10,000 residents, posted on social media on Wednesday that the fire was 7% contained.
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The fire started Monday night, with high winds predicted for Tuesday morning.
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AIG launched an IPO of Corebridge Financial in September 2022.
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Rate inadequacy and inflationary pressures represent significant headwinds, however.
