California E&S Insurance

A broker explained to me that requests for rate increase (because of fires and other liabilities) was made in 2020 and was denied by insurance commission because of COVID. The request was made again in 2021, 2022, and 2023. We got a slight bump in 2023 to accommodate for 2020 request for increase, but I was told to brace for impact because there were still 3 outstanding rate hikes pending and we should expect to either see modest increases every 6-9 months, or a singular dramatic increase with annual renewal. And whelp. Here we are.

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