California Wildfires Threaten Insurers Already Teetering From Climate Shocks
California Wildfires Threaten Insurers Already Teetering From Climate Shocks
Companies started pulling back from the state as earlier fires made it harder to turn a profit. Experts warn the exodus could grow.
I'll note that a large chunk of the burned properties depend on the state-run FAIR plan, which provides much weaker coverage (eg: not replacement cost) than private insurers. The FAIR plan also has limited reserves, which it will replenish by issuing an assessment on commercial insurers and their policyholders.
To be clear, had the insurance companies not taken all of the money out of their reserves as profits there would be lots of money to pay out the payments that the insured bought insurance for. This isn't about an unsustainable industry, just unsustainable profit taking.
Who will think of the poor insurance companies. Oh no!
gonna be a hell of a standoff when Big Insurance tells America they can't go prospectin out Californi way anymo
The Reinsurance apocalypse is coming sooner than anyone wants…
The avg person has no fucking clue.
Good. Learn to swim. See you down in the Arizona bay.
bullshit three ring circus sideshow of freaks