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The carrier said 72% of those losses occurred in personal property. -
The investment firm’s holdings were down to $59mn at the end of Q4.
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The insurer is seeking a 22% interim raise, but the request is currently on hold.
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Insurers have paid $6.9bn in Southern California wildfire claims in the first four weeks of recovery.
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Commissioner Lara calls the 10 bills a ‘comprehensive legislative package.’
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The insurance commissioner said the carrier has not shown the need for price increases.
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Private agencies forecast median Ebitda margins of 22% for 2025, with top performers expecting 28.5%.
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The bill seeks prompt claims payments and settlements, and greater transparency.
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Casualty reserve concerns continue to mount as releases remain elevated.
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The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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A report from the reinsurance broker said fast rate approvals are key to stabilizing the California marketplace.
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The NFIP’s strategy is to use "short-term borrowings" to meet what could be $10bn in claims.
