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Imported goods account for 30%-50%+ of materials used for HNW homes, versus 15%-25% in standard houses. -
The suit seeks to block insurers from passing through assessment costs.
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The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
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The suit alleges a “deliberate scheme” to deny smoke damage claims.
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The counties make up for the majority of the state’s high net worth market, sources said.
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The MGA will grow in specialty lines via talent recruitment and M&A coupled with technology enablement.
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Coverage will increase to $20mn per building.
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The start-up is closing a Series A fundraise.
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The carrier has received 12,300 claims as of 28 March.
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Commissioner Lara also proposed a $500mn cash infusion from parent State Farm.
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The Democratic senator said increased federal oversight of insurance is not the answer.
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Kathleen Reardon, CEO of Hiscox Re & ILS, also talked about the impact of the California wildfires and why it’s important for cedants to work with a reinsurer with strong underwriting and modelling skills when disaster strikes.
