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The insurance commissioner said the carrier has not shown the need for price increases. -
More than 33,000 claims had been filed as of 5 February.
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The losses do not change the near-term assessment of CinFin’s balance sheet strength.
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The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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Ultimate losses from the Palisades, Eaton and Hurst fires are estimated at $4bn.
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A report from the reinsurance broker said fast rate approvals are key to stabilizing the California marketplace.
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Its post-tax estimate of $1.3bn is net of reinsurance recoveries.
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CFP has a $900mn reinsurance attachment point and is still receiving claims daily.
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Rate meanwhile continues to be an area of focus in the lines most impacted by social inflation, the CEO noted.
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Insureds often just want cover in place at the lowest price possible, and insurers oblige under the skeptical eye of regulators.
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But cat bonds are experiencing negative secondary market price movement.
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Democrats pushed back during the hearing, urging rules to encourage mitigation.
