Recent wildfires in California have exacerbated an existing insurance crisis in the state. While recent reforms aim to address some of the issues facing insurers, including allowing for more flexible rate setting and incorporating risk modeling, the scale of the losses from the fires is raising concerns about the long-term viability of insurance in California.
League seeks volunteers to register new citizens as voters. Some of the new efforts give insurance companies more leeway in raising rates, while allowing them to use computer modeling to forecast risk and to incorporate their own “reinsurance” costs from backup providers in setting future premiums.
While insurance analysts are optimistic about the changes, it isn’t clear if it is enough to stop the exodus of insurers from California.Major insurance companies like State Farm and Allstate had already stopped issuing new policies in California prior to the recent fires, and the losses from these fires are going to be enormous.
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Insurance California Wildfires INSURANCE CALIFORNIA WILDFIRES REGULATION RISK
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