Tag: reinsurance costs

California Insurance Commissioner Announces Game-Changing FAIR Plan Reform

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California insurance commissioner Ricardo Lara- State Farm rate increase hearing

LOS ANGELES — In a significant move to address California’s ongoing insurance crisis,unveiled a breakthrough agreement to modernize the California FAIR Plan Association (FAIR Plan), the state’s “insurer of last resort.” This initiative is a key component of Lara’s Sustainable Insurance Strategy, marking the largest insurance reform since Proposition 103 was passed in 1988. Modernizing the FAIR Plan “Modernizing the FAIR Plan is a crucial step in our strategy to stabilize California’s insurance market,” said Commissioner Lara. “It’s critical for Californians to understand that a growing FAIR Plan contributes to…

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Australian government may need to take aggressive steps to protect the nation from future natural disasters

This year’s natural disasters have reaped a heavy toll on the Australian insurance industry. A number of floods, cyclones, wildfires and other storms have generated a multitude of claims throughout the country, totaling more than $4.39 billion in insured losses. The Insurance Council of Australia (ICA) calls the disasters the worst in recent history. The impact of natural disasters will only get worse if the government does not take measures to protect communities, according to Rob Whelan, chief executive of the ICA. The majority of homes and businesses in regions…

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