Daily California P&C Insurance News

The California Department of Insurance has approved average 15% rate increases for several major auto insurers to address escalating repair costs and liability claims. Agents should prepare clients for premium adjustments while highlighting available discounts for safe driving records.

Several carriers are implementing moratoriums on new home policies in wildfire-prone areas, forcing agents to explore surplus lines markets. The changes affect thousands of properties in Southern California counties with elevated fire risk scores.

Global reinsurers are reducing capacity for California carriers due to earthquake and wildfire accumulation risks, leading to higher cession costs. P&C agents may see reduced carrier appetites for high-value commercial lines in seismic zones.

A new SaaS platform using AI for instant risk assessment is targeting California agents to streamline commercial quoting. Early adopters report 40% faster bind times for small business policies.

Recent seismic swarms along the San Andreas Fault have prompted insurers to refresh cat models and adjust reserves. Agents are advising commercial clients to review earthquake coverage deductibles ahead of peak season.