In The News

The Real Deal – State fire insurer of last resort triples its homeowner policy book

As private firms back out of market, FAIR Plan’s growth creates $340B risk By Dana Bartholomew, THE REAL DEAL https://therealdeal.com/sanfrancisco/2024/07/08/state-fire-insurer-of-last-resort-grows-homeowner-book The state’s fire insurer of last resort is now the fastest-growing player in the market as private insurance firms cut back...

Sacramento Business Journal – For growing number of homeowners, the FAIR Plan insurance of last resort is only option

By Mark Anderson, SACRAMENTO BUSINESS JOURNAL https://www.bizjournals.com/sacramento/news/2024/07/07/fair-plan-home-insurance.html In case it wasn't clear California's residential insurance market is in crisis, it's emblematic that the fire insurer of last resort is now the state's fastest-growing insurer. The California FAIR Plan Association has nearly...

Reuters – Consumer activists, experts advise against buying ZTE phones

By Jim Finkle, REUTERS https://www.reuters.com/article/idUSKBN1HQ38Q Consumer activists and technology experts are advising consumers to hold off on buying Android handsets from China's ZTE until the company clarifies whether U.S. sanctions against the company prevent it from providing operating system updates for...

Mountain News – California Department of Insurance Hosted a Zoom Workshop on June 26

By Diane Oestreich, MOUNTAIN NEWS https://www.mountain-news.com/news/california-department-of-insurance-hosted-a-zoom-workshop-on-june-26/article_cbc05758-3976-11ef-be07-dfc5ffe5376f.html Californians frustrated with rising fire insurance rates and cancellation of their policies had a chance to provide input during an online public workshop on June 26. Lucy Wang, Deputy Director of the California Department...

Insurance Journal – State Farm Seeks Large California Rate Hikes; CDI To Probe Financial State

By Don Jergler and Chad Hemenway, INSURANCE JOURNAL https://www.insurancejournal.com/news/west/2024/07/03/782454.htm State Farm has applied for large rate increases in California, a year after the carrier got rate approvals of 7 percent and 20 percent-adding fuel to a burning homeowners crisis in...

Carrier Management – Sorry, Wrong ZIP Code: Regulators Move Forward With California Reforms

By Susanne Sclafane, CARRIER MANAGEMENT Why isn't my ZIP code on the map? Questions along those lines emerged at a public hearing hosted by the California Department of Insurance last week when CDI sought comments on proposed regulatory text that...

The Los Angeles Times – Editorial: Big Oil lost ballot battle, but will still fight to drill near California homes

By The Times Editorial Board https://www.latimes.com/opinion/story/2024-07-08/editorial-big-oil-lost-ballot-battle-but-will-still-fight-to-drill-near-california-homes The oil industry’s recent decision to abandon its effort to repeal California’s neighborhood oil drilling restrictions and pull its referendum from the November ballot is a big relief. After a 16-month suspension, the state’s 2022 law banning...

North Bay Biz – Legislature walks back ‘honest pricing law’ for restaurants

By Jason Walsh, NORTH BAY BIZ https://www.northbaybiz.com/2024/07/02/legislature-walks-back-honest-pricing-law-for-restaurants We’ve all been there: When that $12 burger shows up on the receipt as a surprising $25 splurge after several hidden fees are tallied by the restaurant at the end of the meal. Well,...

The Mercury News – State Farm seeks ‘massive’ insurance rate hike for California homeowners

By Ethan Varian, MERCURY NEWS https://www.mercurynews.com/2024/07/01/state-farm-california-insurance-rate-hike-wildfire/ Yet again, State Farm is seeking to raise California homeowners' insurance premiums - this time by an average of 30%. The insurance giant, the largest provider in the state, is asking regulators to approve what...

Cal Matters – Who are the wealthiest California legislators? Good question.

By Jeremia Kimelman, CALMATTERS https://calmatters.org/politics/2024/06/california-legislator-stock-investment Four legislators reported at least $1 million invested in the stock market in 2023, but California's limited disclosure laws don't provide a complete picture of each lawmaker's wealth. The four legislators are Sen. Roger Niello, a...

San Francisco Chronicle – How much are wildfires costing every Californian? Here’s the stunning math

By Julie Johnson, Megan Fan Munce, SAN FRANCISCO CHRONICLE https://www.sfchronicle.com/california-wildfires/article/wildfire-insurance-cost-california-19361549.php# In October 2017, a dry windstorm swept across Northern California, exposing weaknesses in the state’s electric grid on a staggering scale. Trees toppled onto power lines and utility poles broke in half....

The Mercury News – California should use year-old law, limit gas price gouging

By Thomas Elias, THE MERCURY NEWS https://www.mercurynews.com/2024/06/28/elias-california-should-use-year-old-law-limit-gas-price-gouging/# The gasoline price gouging that has plagued California periodically for decades appears no longer to be merely sporadic. It's now a steady phenomenon. There was shock and indignation about 18 months ago, when California's...

San Francisco Chronicle – How State Farm’s financial peril could upend the entire California insurance market

By Megan Fan Munce, SAN FRANCISCO CHRONICLE https://www.sfchronicle.com/california/article/insurance-state-farm-finances-19545699.php California’s insurance crisis, with its drumbeat of rate increases and carriers leaving the state, has been bad. But a more devastating blow could lie ahead, with potential implications for all property insurance holders in the...

News Tribune – Travel price tags may soon spike in California — and it’s a good thing

By Tribune News Service https://www.newstribune.com/news/2024/jun/30/travel-price-tags-may-soon-spike-in-california If you're making travel plans for summer or fall, brace yourself for a jump in some advertised prices -- which is, believe it or not, good news for consumers. It's the result of a new California law...

Sacramento Bee – Major insurance companies support California home insurance plan for high fire risk areas

By Stephen Hobbs, SACRAMENTO BEE https://www.sacbee.com/news/politics-government/capitol-alert/article289555068.html A highly anticipated piece of California's plan to entice home insurers back into the state received support from representatives of major companies during a public hearing Wednesday.  Insurers will commit to writing more policies in...

San Diego Union Tribune – Opinion: California homeowners are paying more for less insurance

Insurance Commissioner Ricardo Lara needs to advocate By Jamie Court, SAN DIEGO UNION TRIBUNE OPED https://www.sandiegouniontribune.com/2024/06/28/opinion-california-homeowners-are-paying-more-for-less-insurance/ Court is president of the Los Angeles-based nonprofit Consumer Watchdog. He lives in Los Angeles. Insurance companies are refusing to sell new homeowner policies or renew...

KABC-AM (Radio) – Los Angeles, CA: Jamie Court Discusses California’s Insurance Crisis

By Staff Reporters, KABC-AM – Los Angeles, CA  Click below to listen to the audio of this radio broadcast segment. Part 1 Part 2

Politico – Oil industry group drops ballot initiative to drill near California homes

By Wes Venteicher, POLITICO https://subscriber.politicopro.com/article/2024/06/oil-industry-group-drops-ballot-initiative-to-drill-near-california-homes-00165248 SACRAMENTO, California — An oil industry group is withdrawing its ballot challenge to a California law that bans drilling within 3,200 feet of homes, businesses and schools, the group announced Wednesday. What happened: The California Independent...

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