Daily P&C Insurance News

The California Department of Insurance has approved a 15% average rate increase for several major auto insurers citing wildfire claims and repair cost inflation.
Consumer advocates warn the hikes will disproportionately impact middle-income drivers in high-risk areas.

State Farm has filed for its largest homeowners rate increase in a decade targeting high wildfire risk areas throughout California.
The proposal faces opposition from housing advocates concerned about affordability in fire-prone communities.

Global reinsurers are reducing California property catastrophe capacity by 30% following three consecutive years of major wildfire losses.
Primary carriers warn this retreat will exacerbate the state’s insurance capacity crisis.

New California legislation requires insurers to disclose AI algorithms used in underwriting and pricing decisions starting next year.
The law aims to prevent algorithmic discrimination while industry groups argue it will stifle innovation.

Recent wildfires have generated $2.8 billion in insured losses prompting emergency rate filings from eight California property carriers.
Regulators face pressure to expedite approvals as carriers warn of potential market withdrawals.