Daily P&C Insurance Agent News
“`html
Daily California P&C Insurance News
Curated headlines on regulation, catastrophe risk, and market capacity impacting California insurance agents and carriers.
California Headlines
Commissioner Lara protects thousands of Californians in Mono and Inyo counties from non-renewals following Pack Fire
Insurance Commissioner Ricardo Lara ordered insurers to preserve residential property insurance for over 14,800 policyholders in areas affected by the Pack Fire, following Governor Newsom’s emergency declaration on December 9. This one-year moratorium shields residents from non-renewals or cancellations, regardless of loss, as part of broader efforts under the Sustainable Insurance Strategy.
2026 Home Insurance Rates: Will SoCal’s Record-Wet Months Push Premiums Even Higher?
California home insurance premiums are projected to rise 20% or more from 2023 to end-2025 due to wildfire losses, inflation, and reinsurance costs. Recent wet weather in Southern California raises flood and mudslide concerns, potentially impacting reinsurer pricing and coverage availability into 2026.
Insurance Commissioner Proposes Controversial Changes to Landmark California Insurance Law
Commissioner Ricardo Lara proposed stricter funding rules for consumer groups intervening in rate cases under Proposition 103, drawing criticism from Consumer Watchdog. Industry groups view the changes as routine, while opponents fear reduced checks on home and auto rate hikes.
What to Expect in 2026: U.S. P/C Results More Like 2024, With California Wildfires Still a Drag
Fitch Ratings reports California wildfires added $40 billion to 2025 homeowners’ losses despite limited hurricanes. Strong reinsurance capacity into 2026 supports carrier profitability amid ongoing wildfire pressures in the state.
California FAIR Plan Seeks Reduced Spread for $750m Golden Bear Re Wildfire Cat Bond
The California FAIR Plan upsized its Golden Bear Re cat bond to $750 million for wildfire reinsurance, negotiating lower spreads due to strong investor demand. This could ease wildfire risk burdens in the stressed homeowners market.
“`