California E&S Insurance

A HIDDEN CRISIS IN US HOUSING https://www.bloomberg.com/features/2024-home-insurance-real-estate-crisis/ In places most prone to wildfires and hurricanes, state “insurers of last resort” are absorbing trillions of dollars in risk. By Leslie Kaufman, Saijel Kishan and Nadia Lopez Illustrations by John Provencher for Bloomberg Green Out of 36 residual insurance plans that offer coverage for natural catastrophes, 21 don’t explicitly detail how they’d pay deficits, according to new research from consulting group Milliman. States have turned these plans into “a magic hiding place to disappear risk that just gets too big for the private market,” said Nancy Watkins, a principal and consulting actuary based in Milliman’s San Francisco office.

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