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Under the rule, insurance companies are permitted to pass on the cost of reinsurance to consumers, although at an amount that can't exceed an industry standard. Reinsurance is protection that insurance companies acquire to shield themselves from catastrophic claim events. Typical property insurance policies, however, don't generally cover damage from disasters such as earthquakes, floods and landslides. The concern isn't whether insurance companies will pay out for damage but rather how much and how long it will take, Bach said. California does have an insurance program under the Fair Access to Insurance Requirements Plan, established in the 1960s, which provides fire insurance coverage for high-risk properties.

Persons: Amy Bach, United, Ricardo Lara, didn't, Morgan, Bach, weren't, Janet Ruiz, Ruiz Organizations: of Insurance, The Insurance Department, Morgan Insurance, Pacific Palisades, State Farm, Farm, Allstate, Mercury Insurance, Insurance Information Institute, NBC Bay Area Locations: Los Angeles, California, Westside, Pacific Palisades, Paradise

☆ California’s insurance is in crisis. The solution will cost homeowners a ton
▼ + stars: | 2025-01-09 | by ( Chris Isidore | ) edition.cnn.com time to read: +8 min

Some of those policies were not renewed by homeowners, according to an insurance industry trade group. The issue has continued to build over the past several years, State Insurance Commissioner Ricardo Lara and consumer groups say. Those policies have higher premiums than traditional private insurance and less coverage, often requiring homeowners to buy additional “wrap around” coverage at an even higher cost. The policy is designed to get private insurers to take back much of the coverage now handled by California FAIR. California is the only state that hasn’t allowed the cost of reinsurance to be factored in to rates, she said.

Persons: New York CNN — Lynne Levin, Guzman, ’, “, I’m, —, ”, “ They’ve, they’ve, Levin, Ricardo Lara, Etienne Laurent, ” Lara, Mike Blake, Lara, Carmen Balber, Janet Ruiz Organizations: New, New York CNN, CNN, KABC, California Department of Insurance, State, California FAIR, FAIR, Reuters, Consumer Watchdog, Group, Farmers, Allstate, Insurance Information Institute Locations: New York, Los Angeles County , California, California, Los Angeles County, Malibu, American, Los Angeles, Palisades, . California

☆ This California startup says it can predict where wildfires might start—it's using that power in a surprising way
▼ + stars: | 2022-11-07 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +5 min

Nobody can predict the future, but a San Francisco-based startup called Kettle seems able to predict where wildfires could start in California. That means Kettle provides insurance for insurance companies. But Kettle's focus on reinsurance, rather than selling its software directly to insurance companies, is unique, Manning says. Most reinsurers predict wildfire risk through a decades-old technique that relies on historical data, Manning adds. In other words, reinsurance companies do benefit large insurers — but they also make sure you're able to get the money you're owed if disaster strikes.

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