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A state-mandated, one-year moratorium on non-renewals is also in place. -
The regulator also emphasized the need for private flood insurance after hurricane Helene.
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Sources say the Fair Plan is under-reserved, leading to the possibility of member assessment.
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Rates are now falling, but submissions are still rising, according to wholesale brokers.
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The carrier is the largest writer of homeowners’ multi-peril in the state.
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CEO Cerio highlighted changes that allowed the insurer of last resort to combine commercial, coastal and personal lines.
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As fires still rage, many fear early $10bn-$20bn estimates were too optimistic.
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Investigators are homing in on the likely causes of the incidents.
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The number of structures damaged may put the event on par with the fires of 2017 and 2018.
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Many are confident the regulatory changes will still stabilize the market in the near-term.
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Sources are saying 2025 could be as expensive for wildfires as the $20bn loss years of 2017 and 2018.
