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Update: Navigating California’s Insurance Crisis?
Welcome to the California Insurance Crisis…Insurance carriers have pulled back from California’s home and property insurance market due to ongoing wildfire risks and soaring construction costs. As a result, many insurers have stopped writing new policies in California, the nation’s most populous state. During the past two years, State Farm, for example, announced it would stop accepting applications for all California business and personal coverage lines of property and casualty insurance, citing inflation, a challenging reinsurance market and “rapidly growing catastrophe exposure. More recently, State Farm has applied for double-digit rate increases.
Just recently, California Insurance Commissioner Ricardo Lara announced the launch of what has been described as a “first of its kind” catastrophe modeling and ratemaking regulation as part of his so-called “Sustainable Insurance Strategy” to increase coverage in wildfire-distressed areas of the state. This new regulation is supposed to allow homeowners and businesses to see greater availability of insurance coverage, market stability, and recognition for wildfire safety through use of catastrophe modeling.
DISCUSSION TOPICS INCLUDE:
- The status of the California insurance market, including trends we are seeing with premiums, availability, and coverage.
- Tips on having an insurance policy, and how to be a “good insured” policy holder.
- Proprietary coverage options available only through KERN Insurance Associates.
- What to expect when you renew your policy…insurance availability, increasing premiums and reduced coverages.
- How to read your policy – what to look for.
- What you can do to deal with today’s marketplace challenges…Learn what you can do to act on what you can control.
- Surplus lines and non-admitted carriers can save money, but do they carry risks? What about the California Fair Plan?
GUEST SPEAKER: Joe Naworski, Managing Partner, Kern Insurance.
Accomplished insurance professional with 30+ years of experience in the industry. He has established himself as a trusted advisor for clients seeking expert guidance on insurance policies, underwriting, and risk management. His experience has been vital to his success as the Managing Partner at Kern Insurance Associates, a PCF partner. For more information, call Mr. Naworski at (844) 444-5376 or go to www.Kern.com.
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By Apartment News Publications, Inc. on behalf of the Apartment Association of Greater Los AngelesWelcome to the California Insurance Crisis…Insurance carriers have pulled back from California’s home and property insurance market due to ongoing wildfire risks and soaring construction costs. As a result, many insurers have stopped writing new policies in California, the nation’s most populous state. During the past two years, State Farm, for example, announced it would stop accepting applications for all California business and personal coverage lines of property and casualty insurance, citing inflation, a challenging reinsurance market and “rapidly growing catastrophe exposure. More recently, State Farm has applied for double-digit rate increases.
Just recently, California Insurance Commissioner Ricardo Lara announced the launch of what has been described as a “first of its kind” catastrophe modeling and ratemaking regulation as part of his so-called “Sustainable Insurance Strategy” to increase coverage in wildfire-distressed areas of the state. This new regulation is supposed to allow homeowners and businesses to see greater availability of insurance coverage, market stability, and recognition for wildfire safety through use of catastrophe modeling.
DISCUSSION TOPICS INCLUDE:
- The status of the California insurance market, including trends we are seeing with premiums, availability, and coverage.
- Tips on having an insurance policy, and how to be a “good insured” policy holder.
- Proprietary coverage options available only through KERN Insurance Associates.
- What to expect when you renew your policy…insurance availability, increasing premiums and reduced coverages.
- How to read your policy – what to look for.
- What you can do to deal with today’s marketplace challenges…Learn what you can do to act on what you can control.
- Surplus lines and non-admitted carriers can save money, but do they carry risks? What about the California Fair Plan?
GUEST SPEAKER: Joe Naworski, Managing Partner, Kern Insurance.
Accomplished insurance professional with 30+ years of experience in the industry. He has established himself as a trusted advisor for clients seeking expert guidance on insurance policies, underwriting, and risk management. His experience has been vital to his success as the Managing Partner at Kern Insurance Associates, a PCF partner. For more information, call Mr. Naworski at (844) 444-5376 or go to www.Kern.com.