Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries California insurance commissioner acts to include climate risks in property insurance rates By: FOXNews.com September 22, 2023 at 15:05 PM EDT California's Insurance Commissioner, Ricardo Lara, has taken action to enable property insurers to incorporate climate-related risks, such as wildfires, into their rate calculations. California Insurance Commissioner Ricardo Lara took steps on Thursday to allow property insurers to factor in climate risks including wildfires in rate prices, if they increase underwriting in at-risk areas to wean consumers off state-funded coverage.Since 2022, seven of the state's top 12 insurers have paused or restricted new business, including State Farm and Liberty Mutual, and the government's Fair Access to Insurance Requirements (FAIR) Plan, intended as an insurer of last resort, has risen to a 3% share of California's market."We are at a major crossroads on insurance after multiple years of wildfires and storms intensified by the threat of climate change," Lara said in a statement.BIDEN HANDED MAJOR LEGAL DEFEAT IN ATTEMPT TO RESTRICT OIL, GAS DRILLING IN GULF OF MEXICOThe measures by the state's insurance regulator follow an executive order by Governor Gavin Newsom urging regulatory action to expand coverage in underserved areas, account for catastrophe risks in rates, and keep the FAIR Plan solvent.A report by broker Gallagher Re in July said U.S. property catastrophe reinsurance rates rose by as much as 50% at a key July 1 renewal date, with states such as California and Florida increasingly hit by wildfires and hurricanes due in part to climate change.The continued retreat of larger insurance carriers from the California residential property insurance market signals ongoing regulatory constraints, rising cost inflation, and higher catastrophe losses, credit rating agency Fitch said in a note earlier this year. Related Stocks: Fancamp Exploration Ltd Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
California insurance commissioner acts to include climate risks in property insurance rates By: FOXNews.com September 22, 2023 at 15:05 PM EDT California's Insurance Commissioner, Ricardo Lara, has taken action to enable property insurers to incorporate climate-related risks, such as wildfires, into their rate calculations. California Insurance Commissioner Ricardo Lara took steps on Thursday to allow property insurers to factor in climate risks including wildfires in rate prices, if they increase underwriting in at-risk areas to wean consumers off state-funded coverage.Since 2022, seven of the state's top 12 insurers have paused or restricted new business, including State Farm and Liberty Mutual, and the government's Fair Access to Insurance Requirements (FAIR) Plan, intended as an insurer of last resort, has risen to a 3% share of California's market."We are at a major crossroads on insurance after multiple years of wildfires and storms intensified by the threat of climate change," Lara said in a statement.BIDEN HANDED MAJOR LEGAL DEFEAT IN ATTEMPT TO RESTRICT OIL, GAS DRILLING IN GULF OF MEXICOThe measures by the state's insurance regulator follow an executive order by Governor Gavin Newsom urging regulatory action to expand coverage in underserved areas, account for catastrophe risks in rates, and keep the FAIR Plan solvent.A report by broker Gallagher Re in July said U.S. property catastrophe reinsurance rates rose by as much as 50% at a key July 1 renewal date, with states such as California and Florida increasingly hit by wildfires and hurricanes due in part to climate change.The continued retreat of larger insurance carriers from the California residential property insurance market signals ongoing regulatory constraints, rising cost inflation, and higher catastrophe losses, credit rating agency Fitch said in a note earlier this year. Related Stocks: Fancamp Exploration Ltd