California E&S Insurance

The California FAIR Plan received approval Tuesday from the state's insurance commissioner to assess its member companies $1 billion to help pay its Los Angeles fire claims — with consumers possibly on the hook for nearly half of that under a new insurance department policy. The plan said in a letter to Insurance Commissioner Ricardo Lara that it expects losses of roughly $4 billion from Pacific Palisades, Eaton and Hurst fires. Established as an insurer of last resort, the plan is backed by California's licensed property insurers, which are required to pay claims when the plan runs through its funds. However, they can surcharge their own policyholders to recoup some of that assessment under a policy put in place last year by Lara.

{
  "thread_id": "115153",
  "thread_title": "FAIR BAILOUT has begun",
  "forum_section": "P&C Insurance Forum",
  "scrape_method": "firecrawl"
}