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Insurers are also required to increase coverage in wildfire-prone areas. -
California’s crisis spurred the biggest reforms in decades.
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The FIO is “entirely devoid of usefulness and duplicitous in its actions”, the letter to DOGE leadership reads.
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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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The insurance industry countered that the committee ignored a “toxic mix” of risks driving up costs.
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CEO Trevor Carvey said the revision reflected Conduit’s “favourable reception”.
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The Federal Insurance Office has data collected from over 300 insurers.
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Most US states have been silent on the regulation of parametric insurance.
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The regulations are part of a state effort to expand wildfire coverage.
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The law takes effect January 1.
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The decision reflects CNA’s “consistently positive” operating performance.
