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At the same time, insurers are assessing the level needed to address loss cost trends. -
The agency said it will take rating actions where warranted.
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The letter also called out California insurance companies for investing more than $536bn in the fossil-fuel industry in 2019 alone.
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Farmers Insurance becomes the latest major national carrier to pump the brakes in California, limiting new business to only 7,000 policies per month, signaling further problems in the state’s homeowners’ market.
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Inside P&C’s news team runs you through the key highlights of the week.
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Rates continue to rise through June, with the homeowners’ weighted average rate change coming in at 8% for the month, while auto rates increased by a significant 11.3%.
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Inside P&C’s news team runs you through the key highlights of the week.
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New homeowners' policies in wildfire-prone areas will have to flow to the non-admitted market or the state’s last resort, the California Fair Plan.
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Inside P&C’s news team runs you through the key highlights of the week.
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CPI figures show loss costs are cooling, and if rate levels cannot reach adequacy we are likely to see more pausing from the industry beyond State Farm, Allstate and Nationwide.
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The investigation enquires into how the US insurance industry evaluates, invests in or underwrites fossil fuel expansion projects.
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Inside P&C’s news team runs you through the key highlights of the week.
