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.
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
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.
California's FAIR Plan faces financial strain amid Los Angeles wildfire crisis
Los Angeles wildfires highlight California's insurance crisis as the FAIR Plan faces challenges with limited funds to cover massive fire claims.
California Insurers Will Survive Fires—But FAIR Plan Faces Big Questions
Newsweek asked experts on the insurance market if they expect insurers to survive the financial fallout of these fires.
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.
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 ...
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 ...
Thousands of Los Angeles homeowners were dropped by their insurers before the Palisades Fire
About 1,600 policies for Pacific Palisades homeowners were dropped by State Farm in July, the state insurance office says.
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 ...
FAIR Plan coverage caps at $3 million: Here's why experts are worried about Bay Area housing market
"There's no question there's going to be a lot of people impacted by this fire and their insurance falls short," said Amy ...
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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 ...
Bill meant to help stabilize California insurance market has support. When could it pass?
A bill meant to help stabilize California’s troubled insurance market has key early support as wildfires continue to cause ...