California insurance market third largest in the world

California insurance market - Flag of America and of California

The state’s insurers collect $332 billion in premiums every year, said the commissioner. The California insurance market now has an annual premium volume higher than ever before. The volume has now reached $332 billion, said Insurance Commissioner Dave Jones. This figure brings the state to the position of being the third largest market in the world. The California insurance market is the largest in the United States. That said, while that figure from the California Department of Insurance (CDI) does sound impressive, knowing what that represents on a global scale…

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State Farm homeowners insurance not required to cut rates, says judge

State Farm homeowners insurance - State Farm Office

The California Department of Insurance has been fighting a legal battle with the insurer over premiums. The California insurance commissioner was wrong in saying that State farm homeowners insurance rates had to lower. A judge ruled that the insurer was not required to charge its home and renter policyholders less. The decision stepped around a current unresolved question regarding Proposition 103 and its reach. Proposition 103’s author was among those who criticized the decision regarding State Farm homeowners insurance rates. California Insurance Commissioner Dave Jones accused State Farm of profiting…

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Wells Fargo insurance license may be suspended or revoked in California

Wells Fargo insurance scandal

The state Department of Insurance is seeking the action following alleged improper sales practices. The California Department of Insurance has revealed that it is planning to either suspend or revoke the Wells Fargo insurance license in the state. It is pursuing this intention as a result of the company’s online insurance referral program and its allegedly improper sales practices. The department conducted an investigation that revealed around 1,500 improper insurance sales. In those cases, the online Wells Fargo insurance company was allegedly found to have sold about 1,500 policies and…

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California Department of Insurance estimates suggest $1.05 billion in wildfire damage

forest fire California wildfire loss

Official estimates indicate that the devastating wildfires that plague the state will create billion dollar losses. The California Department of Insurance has released an estimate for the damages left behind by the catastrophic wildfires that have left historic damages in the state. The department believes the insured wildfires losses will reach at least $1.05 billion. This estimate is based on the claims received so far from the eight largest Californian insurance companies. Following that estimate, the California Department of Insurance also revealed that it expects the figure to grow. By…

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California auto insurance investigating premiums discrimination

san francisco california auto insurance

The state Department of Insurance launched an investigation into the factors used to calculate rates. The California auto insurance industry may soon be changing the way its rates are calculated in order to reduce discrimination against drivers from minority neighborhoods. The California Department of Insurance launched an investigation into the practices of eight auto policy providers in the state. The investigation is meant to decide whether the insurers are discriminating against people in minority neighborhoods. The California auto insurance rate investigation was launched in response to an article published on…

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Zenefits under investigation by California insurance regulators

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The software company has now had its business practices called into question and officials will be examining them. Zenefits, a software company, is now facing an investigation by California insurance department officials, as the firm’s business practices have been called into question. The California Department of Insurance released a statement with regards to the investigation that launched last year. While the California insurance officials have only just recently announced that they are looking into Zenefits and the way it conducts its business, it also stated that its efforts started back…

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Wildfires in California hit the insurance industry with $1 billion in losses

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Fired introduce more financial strain to the insurance industry Two wildfires in Northern California have destroyed almost 150,000 acres of land, causing approximately $1 billion in insured losses, according to the California Department of Insurance. The fires hit the state last fall and the insurance industry has been working to measure the damage caused by the disasters since then. One of the fires, called the Valley Fire, has become the third most devastating wildfire in the state’s history in terms of total structures destroyed. Wildfires could be more destructive due…

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California approves new auto insurance products for TNC industry

california immigrant auto insurance law

New insurance products will be available for TNC drivers California officials have approved new auto insurance products that will affect the Transportation Network Company (TNC) space. Companies like Uber and Lyft have had a major impact on the insurance space, largely due to concerns that these companies are not providing adequate coverage for their drivers. Insurers are beginning to take note of the rising popularity of TNC and, in order to mitigate risks, have begun offering new insurance policies. State Farm is among these companies. State Farm is among several…

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Auto insurance firm hit with $27.6 million fine

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Mercury Insurance is being ordered to pay a large fine for wrongful fees issued to consumers The California Department of Insurance has ordered Mercury Insurance, one of the state’s largest auto insurance providers, to pay some $27.6 million in fines for allegedly charging consumers wrongful fees. This represents the largest fine issued against an auto insurance company in the state. Insurance Commissioner Dave Jones ordered the fine, accusing the insurer of charging broker fees that it did not approve of to begin with. Mercury Insurance believes that the fine is…

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195 Arrested in massive auto insurance fraud bust in California

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54 arrests were made throughout the Bay Area and involved claims estimated at over $250,000. A widespread auto insurance fraud investigation that spanned the state of California has now resulted in the arrest of 54 people in the Bay Area, after an alleged rash of falsified claims were submitted to insurers. This announcement was recently made by the Department of Insurance within the state. According to the announcement that was made by the state department officials, the claims from this insurance fraud bust could have led to over $250,000 in…

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