The Path Forward for California's FAIR Plan: More Questions Than Answers 🤔
With over 3,600 claims already filed from recent wildfires and LA County exposure at $112.2 billion (up 53% year-over-year), California's FAIR Plan faces significant uncertainty.
Let's look at the key "ifs":
- IF the Plan's $1.4B cash reserves prove insufficient...
- IF losses exceed reinsurance treaty thresholds...
- IF insurers must cover assessments up to $2B total...
- IF regulatory changes don't attract carriers back to CA...
- IF catastrophe modeling reforms don't improve rate adequacy...
Thats a LOT of "IF's"!
Want to learn more about the challenges facing California's insurance market?
Read the full analysis from the Insurance Journal here: https://www.insurancejournal.com/news/west/2024/02/10/758246.htm
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