California insurance industry will face more wildfire losses in 2018

California Insurance Industry - Wildfires

A new Moody’s report shows that insurance companies will endure more wildfire losses this year. The California insurance industry isn’t getting a year off from wildfire losses after facing a costly year in 2017. A new Moody’s Investors Service Inc. report showed that despite current losses, there will likely still be another major wildfire loss event this year. The Carr wildfire in California has caused about an estimated $1.5 billion in insured losses. After the California insurance industry copes with the $1.5 billion in losses likely already caused by the…

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California Commissioner encourages insurers to sell cannabis industry insurance

Cannabis Industry Insurance - Cannibas Scale - legal system

Dave Jones is once again urging insurance companies to sell products to the legalized cannabis ecosystem. California Insurance Commissioner Dave Jones has previously urged insurers to sell legalized cannabis industry insurance products. He is now renewing this call on the heels of recent reports that President Donald Trump has ignored federal law enforcement policies put in place by Attorney General Jeff Sessions. The Commissioner has been trying to encourage insurance company involvement since November 2016. At that time, Californian voters chose to make adult recreational cannabis use legal. Since that…

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California insurance industry warned of “significant risk” from Oroville Dam

California insurance industry - flood program

Concern over the dangers presented from the 770 foot structure’s damaged spillway has not disappeared. The next rainy season is only months away and the California insurance industry faces a “significant risk” from the Oroville Dam and its damaged spillway. Experts are cautioning the industry, residents of the region and pretty much anyone else who will listen about that the next time the waters rise could end far worse than the last time. Raging waters last month caused America’s tallest dam to experience critical damage. That damage has yet to…

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California Insurance Commissioner granted greater homeowners coverage authority

homeowners insurance companies

The state’s Supreme Court ruled that the legislature gave California power to make certain specifications. The California Insurance Commissioner has the authority to decide which factors must be covered by homeowners insurance replacement cost estimate tools, says a state Supreme Court ruling. This will allow the commissioner to say what estimate tools home insurance companies are permitted to use. The decision updated a law from 2011 which was meant to help to reduce the ongoing underinsurance problem in the state. The original issue became truly problematic in 1991 when the…

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209,000 California insurance jobs could disappear from ACA repeal

california insurance jobs

The state has hired former U.S. Attorney General Eric Holder as outside counsel to overcome this challenge. As the Republican party launches its efforts to deconstruct the Affordable Care Act (ACA), a recent study suggests massive damage to California insurance jobs. In fact, the research indicated that the state could see losses of over 200,000 insurance and health care positions from an ACA repeal. Repealing the federal health care reform could also slash an annual $20.5 billion from the California economy. These forecasts were produced by the UC Berkeley Center…

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California insurance industry trends forum hears from Schwarzenegger about risk

Arnold Schwarzenegger California insurance industry trends

The former state governor and well known actor weighed in at the Southern California university event. Actor and former governor Arnold Schwarzenegger spoke at a California insurance industry trends forum this week in order to discuss certain central topics such as that of risk. He spoke to insurance students and professionals in the industry about what it took to play some of his most famous roles. Schwarzenegger also took the chance to use the California insurance industry trends seminar to discuss the types of risks he faced when he originally…

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

insurance industry news bush fire

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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