Tag: California insurance companies

California Commissioner Lara places green investment onus on insurance companies

G. Turner
Insurance companies - Green Investment

A new report detailed how insurers have funded fossil fuel companies and the impact it has had. California Insurance Commissioner Ricardo Lara recently released a report and webpage in which he detailed the investments insurance companies have made into fossil fuel. The report and webpage are components of the commissioner’s broader efforts by the Commissioner. Commissioner Lara has used this report on investments into fossil fuels by insurance companies as a part of his broader strategy to protect Californian consumers from the impact of climate change. The state is making…

Read More

California bans insurance companies from dropping climate change risk affected policies

H. Cutner
Climate Change risks - forest fire at night

Wildfires have become costly enough that insurers have been ending coverage for many homes. California has taken an unusual new step to help to combat the cost of climate change risks among homeowners across the state. Wildfires have risen in the cost and damage they cause and insurance companies have started dropping coverage. The state has implemented a new regulation to stop insurance companies from dropping policies. The added expense from rapidly rising claims from climate change risks has motivated insurance companies to drop homeowners insurance policies at an increasing…

Read More

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

Logan B.
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…

Read More

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

Julie Campbell

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…

Read More

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…

Read More