Last November’s California wildfires caused $11.4 billion in insured damage

California Wildfires - Damage from Fire

Residents of the state have filed many thousands of insurance claims from the Camp Fire. Last year’s record-breaking California wildfires have now generated $11.4 billion in insurance claims. This has made the fires in that month, which ripped their way through Butte County and Southern California, some of the most expensive the state has ever experienced. The Camp Fire killed 86 people and essentially burned the town of Paradise right off the map. Three quarters of the losses from California wildfires in November 2018 were the result of the Camp…

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California earthquake insurance could be shaky if Seismic Safety Commission loses its funding

California insurance market getting a shake down A 2010 ballot initiative could cause the Seismic Safety Commission in California to lose its funding before the end of 2012. The ballot initiative was designed to help to make it more difficult for government fees to be imposed on individuals and businesses. It also caused the California Legislative Analyst’s Office to decide that the proposed funding method by the governor to the Safety Commission is now unconstitutional. The analyst made the recommendation that there be a rejection by the Legislature of the…

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Driverless cars being test driven in California, though insurers aren’t quite ready for robot drivers

Auto insurance industry beside itself on the self driving car issue Though it may sound like science fiction to have a robot driving a car for you, Google is already taking driverless cars out on the roads of California to test them, regardless of the fact that the law hasn’t even considered that this could be possible. Next door, the state of Nevada has already created regulations that are allowing these robot operated vehicles onto its public roads, and Brian Sandoval, the governor of that state, has already been out…

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InsureCA4less.com website provides California residents with best insurance quotes and comparisons

The new insureca4less.com website has announced the availability of its full service insurance quote website that is specifically designed to cater to the needs of the residents of California. The site is now offering Californians fast and easy access to free instant insurance quotes from insurers located within their area. It also provides the ability to compare the top quotes from several insurance companies so that users will always know that they are receiving the coverage they need, but at the best possible price that can be found. The insureca4less.com…

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Ballot initiative faces opposition from California insurance companies and doctors’ group

The California Medical Association (CMA), a health insurance organizations coalition, the California Hospital Association (CHA), and other groups have announced their intentions to work together to oppose a ballot measure that is meant to create California insurance regulation for rate increase on health plans and policies. According to the CMA president-elect, Paul Phinney, this ballot initiative doesn’t do anything to help control the causes of the cost increases in the healthcare system. He added that “I just think this initiative is the wrong idea.” Ballot measure advocates have said that…

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AIG unit faces potential fines in California over management of fire claims

American International Group Inc. (AIG) subsidiary, New Hampshire Insurance Co., along with York Risk Services, its claims processing agent, are now facing citations for 125 violations connected with alleged improper handling of California wildfire related claims from 2008. According to California Department of Insurance (CDI) general counsel, Adam M. Cole, “The allegations in this case reflect a troubling lack of attention to consumer needs by New Hampshire Insurance Company.” CDI has stated that each of the various violations for which the insurer has been sited have to do with “an…

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California insurance regulators target GeoVera Insurance, imposing fines and requiring the company to make changes to underwriting

California insurance regulators have taken action against GeoVera Insurance Co., providers of residential earthquake insurance, this week. Regulators took notice of the company after having received a multitude of complaints from policyholders. According to these complaints, the insurer’s underwriting procedures are not as adequate as they are supposed to be. Regulators have investigated the matter and found that the insurer’s practices were indeed falling short of the state’s standards. GeoVera will be facing major changes as regulators look to make the company more compliant with state laws. The insurer will…

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