Homeowners' insurance
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Commissioner Lara said 31,000 claims have been filed for disaster-related needs. -
The company received over 10,100 home and auto claims as of January 27.
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The bill would put new restrictions on bad faith claims, close loopholes.
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The homeowners’ carrier has secured Floir approval.
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The laws mandating payments were enacted after devastating fires in 2018.
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Fitch said 1Q wildfire losses could add 6% to 10% to Mercury’s CoR.
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The fire started Wednesday morning and is currently 0% contained.
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Most carriers paid more in homeowners’ claims than they collected in premiums.
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There are many unknown factors including insurance gaps, high-value property and damage to critical infrastructure.
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The homeowners’ MGA CEO said the wildfires could spur a re-evaluation of models.
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A state-mandated, one-year moratorium on non-renewals is also in place.
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As fires still rage, many fear early $10bn-$20bn estimates were too optimistic.
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