Flaws in California insurance plan will test L.A. homeowners

Revealed - California FAIR plan faces $4.8 billion exposure from LA fires
The FAIR Plan’s potential exposure is over $4 billion for the Pacific Palisades Fire and more than $775 million for the Eaton Fire, according to an update provided to BestWire. The FAIR Plan insures about 22% of the structures affected by the Pacific Palisades Fire and 12% of those impacted by the Eaton Fire, based on the Cal Fire incident maps.
California’s FAIR Plan, the home insurer of last resort, may need a bailout after the L.A. fires
California's Fair Plan, the state's insurer of last resort, may be unable to pay billions in claims arising from the Los Angeles fires and may require a bailout that could ultimately be paid by homeowners statewide.
First the fires, now the fight: Flaws in California insurance plan will test L.A. homeowners
An insurance pool created by officials in California to help residents in wildfire-prone areas could frustrate victims of the L.A. wildfire.
Californians could face insurance surcharges if Los Angeles fire claims deplete FAIR Plan
Changes to the way the insurance industry is regulated in California may mean all of the state's residents will be paying for at least a part of the cost of rebuilding from the destructive wildfires in Los Angeles County.
California lawmakers seek greater oversight of FAIR Plan
California legislators are pursuing greater oversight of the California FAIR Plan Association, the state’s insurer of last resort for property coverage, as the threat of wildfires continues to grow, AM Best reported.
California’s insurer of last resort has potential exposure to LA wildfires of nearly $5 billion and reinsurance of $5.78 billion
"The FAIR Plan, a not-for-profit catastrophe insurer, has the payment mechanisms in place to ensure all covered claims will be paid."
Why all California homeowners could be on the hook for LA County wildfire costs
Insurance providers could charge policyholders a “supplemental fee” if the state’s insurer of last resort runs out of money.
What happens if CA FAIR Plan goes bankrupt? Here's how it could affect policyholders
"You can bet that if the FAIR Plan goes bankrupt - and it's a good bet it will - the insurance companies will come after us ...
Insurance Insider2d
Fair Plan confirms $900mn retention, $5.78bn re exhaustion point
The California Fair Plan (CFP) has confirmed its reinsurance programme attaches at $900mn, with a limit of $5.78bn and ...
Homeowners in California could pay a surcharge of $1,000 or more if FAIR Plan runs dry
The reason the FAIR Plan is in dire straits is because it has so many policyholders in affected areas, including a ...
NY State Fair $35M revamp would include new concert venue. Here are the plans
Upstate New York would get a new concert venue under Gov. Kathy Hochul's plan for a $35 million upgrade project at the Great ...
The New York Times8d
California’s Insurance System Faces Crucial Test as Losses Mount
The California FAIR Plan, the state’s insurer of last resort, had just $377 million available last week to pay claims that could reach billions, officials said. By Christopher Flavelle ...
KIE: LA Fire Dip Trade Has Played Out (Rating Downgrade)
Insurance stocks typically drop during large catastrophe events but recover as more information becomes available, as seen ...
insurancebusinessmag6d
FAIR Plan policies surge 85% in Pacific Palisades amid wildfire threat
Statewide, the FAIR Plan reported a year-over-year increase of 49,823 residential policies in 2023, bringing the total to 324 ...