Insurance In The News
The San Francisco Chronicle – California proposes rule that would change how insurers assess wildfire risk
By Megan Fan Munce, SAN FRANCISCO CHRONICLE
https://www.sfchronicle.com/california/article/home-insurance-wildfire-risk-19021575.php
A newly proposed regulation aims to draw insurers back to the state by allowing them to anticipate future wildfire risks when raising their rates.
The proposed rule change, released Thursday, would allow companies to submit catastrophe models for wildfires,...
KTVU-SF (FOX) – San Francisco, CA: Using Models To Predict Insurance Rate Hikes
https://www.youtube.com/watch?v=2GAY6xfdKTA
Harvey Rosenfield of Consumer Watchdog says this new plan would allow the insurance companies to propose these models without public scrutiny, and there's this there's nothing in this regulation that requires the insurance companies to reduce anybody's rates...
KBCW 44 Cable 12 – San Francisco, CA: Chevy Camaro Thefts On The Rise
https://www.youtube.com/watch?v=ZmuyO5DfVM8
Carmen Balber says we have seen this problem with other cars impact consumers ability to get auto insurance. Insurance companies cannot just increase prices overnight they have to go the insurance commissioner and prove that the thefts have...
KXTV-SAC (ABC) – Sacramento, CA: Proposed Insurance Changes
https://www.youtube.com/watch?v=fKIfzHcWuv8&feature=youtu.be
Carmen Balber with Consumer Watchdog worries the state's process of approving these models won't be transparent enough.
KNX-AM (Radio) – Los Angeles, CA: New Insurance Proposal Does Not Help Homeowners As Much As It Benefits Insurers
By Staff Reporters, KNX-AM – Los Angeles, CA
Click below to listen to the audio of this radio broadcast segment.
The Mercury News – Commissioner unveils plan for home insurers to base California rate hikes on catastrophe prediction models
By John Woolfolk, THE MERCURY NEWS
https://www.mercurynews.com/2024/03/14/commissioner-unveils-plan-for-home-insurers-to-base-rate-hikes-on-catastrophe-prediction-models/amp
In an effort to staunch the exodus of home insurers fleeing the state, California Insurance Commissioner Ricardo Lara on Thursday unveiled a proposal for letting those insurers use computer models of possible future catastrophes to...
Cal Matters – Home insurers given leeway
By Levi Sumagaysay, CAL MATTERS
https://calmatters.org/newsletter/financial-aid-deadline-california
The Los Angeles Times – California’s home insurer of last resort sees enrollment surge, raising concerns over its finances
By Ruben Vives, LOS ANGELES TIMES
https://www.latimes.com/california/story/2024-03-15/californias-home-insurer-of-last-resort-sees-enrollment-surge-raising-concerns-over-its-finances#:~:text=Roach%20said%20the%20Fair%20Plan,was%20%2450%20billion%20in%202018.
With home insurers scaling back coverage in the state, enrollment is surging in California's backstop insurance plan -- as is the plan's risk of sustaining losses that it can't cover.
Victoria Roach, president of...
KNX-AM (Radio) – Los Angeles, CA: Insurance Rates Continue to Climb Up
By Staff Reporters, KNX-AM – Los Angeles, CA
Click below to listen to the audio of this radio broadcast segment.
Politico – Ricardo Lara is playing with fire
By Camille Von Kaenel, POLITICO
With help from Blanca Begert, Alex Nieves and Hannah Northey
https://www.politico.com/newsletters/california-climate/2024/03/14/ricardo-lara-is-playing-with-fire-00147237
BURNING PLAN: Climate-change-fueled wildfires have scared insurance companies out of California. Now, Insurance Commissioner Ricardo Lara is trying to let climate change show up in rates in an...
ABC7 – What’s California doing to address the insurance crisis?
https://www.youtube.com/watch?v=ssxyylYXWtw
"One of the other things that we're urging the state to do is create a public model to look at climate risk in California that allows us to look at the local level at steps homeowners and communities...
Los Angeles Times – He claims to have saved California homeowners billions. The insurance industry hates him
By Sam Dean, LOS ANGELES TIMES
https://www.latimes.com/business/story/2024-03-01/consumer-watchdog-insurance-industry-harvey-rosenfield
Insurance industry groups have called it a “bomb-throwing bogus advocacy” group, a “publicity-seeking, dark money front,” and an organization out to protect its own “financial $elf-interest$.”
These are the kinds of attacks that Harvey...
Mercury News – Here’s the first step in California’s quest to fix its home insurance crisis
By John Woolfolk, THE MERCURY NEWS
https://www.mercurynews.com/2024/02/17/heres-the-first-step-in-californias-quest-to-fix-its-home-insurance-crisis
Insurance Commissioner Ricardo Lara is kicking off his planned overhaul of California's insurance market rules this year with a hearing next month on streamlining approvals for requested rate increases, one of several key...
San Francisco Chronicle – One of California’s largest auto insurers hikes prices 30%
By Clare Fonstein, SAN FRANCISCO CHRONICLE
https://www.sfchronicle.com/climate/article/allstate-car-insurance-18665199.php#
After pausing its direct sale of auto insurance policies in California, Allstate is back, but with higher prices for customers.
Allstate’s sale of auto insurance policies, via its website or phone, resumed early this...
Sacramento Bee – Fight intensifies over delays in approving California auto, home insurance price hikes
By Stephen Hobbs, SACRAMENTO BEE
https://www.sacbee.com/news/politics-government/article284935592.html
Allstate wants to raise the average price of its home insurance policies by almost 40% for its California customers.
The request needs state approval.
Still, before you cry "gouging!" it's worth understanding the timeline.
It all started...
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