Daily P&C Insurance News

California Regulators Propose New Rate Filing Requirements for Auto Insurers Amid Rising Claims

California’s Department of Insurance has introduced stricter rate filing guidelines for auto insurers to address escalating claim costs from traffic accidents and theft. The proposal aims to enhance transparency and protect consumers from excessive premium hikes.

Wildfire Risks Force Major Insurers to Exit High-Risk California Home Markets

Several major property insurers are non-renewing policies in wildfire-prone areas of California due to unsustainable losses. State officials are exploring reinsurance partnerships to stabilize the market for homeowners.

Reinsurers Pull Back from California Amid Earthquake Exposure Concerns

Global reinsurers are reducing capacity for California carriers citing heightened earthquake risks and regulatory uncertainties. This retreat is driving up costs for primary insurers serving the state.

AI-Powered Underwriting Tools Gain Traction Among California P&C Carriers

California insurance companies are adopting artificial intelligence for faster and more accurate risk assessment in property and casualty lines. Regulators emphasize the need for transparency in AI decision-making processes.

Atmospheric River Storms Trigger $2B in Preliminary California Insurance Losses

Severe storms from an atmospheric river have caused widespread flooding and property damage across Southern California, with early loss estimates reaching $2 billion. Insurers are mobilizing claims teams as assessments continue.