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A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets. -
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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This publication revealed in July 2023 that the utility company had chosen to try self-insurance for the first time.
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As fires still rage, many fear early $10bn-$20bn estimates were too optimistic.
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The 2024 loss figure exceeded that of the previous record of C$6.2bn in 2016.
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The Palisades fire is estimated at $9bn-$12bn, while Eaton is $6bn-$8bn.
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Utilities have faced major liabilities for their involvement in starting wildfires.
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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.
