California E&S Insurance

The videos featured talk about Florida, but the underlying issues are that: a) the rate hikes cannot be explained by inflation or natural disasters alone, and may have more to do with politics and industry-favoring laws, b) insurers are increasingly finding ways to defraud their customers, making insurance produces worth less, and c) these factors could spread anywhere, especially since customers have no choice but to buy insurance and there is no meaningful political opposition to the insurance lobby. To reiterate that this is not just a coastal / faultline / wildfireland issue, consider the list of states in which insurance rates have increased the fastest in 2023 so far: #1 New Mexico + 8.3% (no hurricanes, no faults, occasional wildfires, no tornados) #2 Arizona +8.2% (no hurricanes, no faults, occasional wildfires, no tornados) #3 South Dakota +7.3% (no hurricanes, no faults, very seldom wildfires) The top-12 list is rounded out by places like Illinois, North Dakota, New York, Rhode Island ... these are not exactly Key West or Miami! The 2022 list (same link) includes: #3 Arizona +11% again! #8 South Dakota +7.5% again! So these are not exactly condos built on sandbars a few yards from the ocean. Some of the fastest-rising states are places we don't associate with disasters at all. Famously disaster-prone California didn't even make it into the top-12 list in either year.

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