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Total economic and insured losses are “virtually certain” to reach into the billions. -
This could see it surpass the 2017 Camp Fire, which cost around $12.2bn.
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'Mo’ Tooker will add personal lines to his current position overseeing SME and distribution.
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America’s longest-serving insurance commissioner was one of the first regulators to focus on climate.
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Six fires now cover more than 27,000 acres across Southern California.
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He succeeds Wayne Peacock, who retires this year after four years of service.
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Flatt will remain on the company’s board of directors.
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The fast-moving blazes have prompted evacuations across the city.
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CA insurers can now use forward-looking cat models in ratemaking.
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Insurers are also required to increase coverage in wildfire-prone areas.
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A separate Senate report found climate change is also increasing non-renewals.
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Homeowners’ insurance rates have spiked almost 60% since 2018.
