Evacuation Policies and Cat Strips: Wildfire Insurance and Reinsurance Ideas That Failed
Sometimes, it takes a few tries to develop the right insurance or reinsurance product—one that will align well with the needs and wants of customers.
A wise statistician once said: "All models are wrong, but some are useful." The key to getting useful (accurate) model results is working with models that fit specific ... Insurance underwriters are seemingly pulled in many directions today as risks quickly evolve, from extreme weather events to changes in the legal and regulatory landscape ... In their 1999 paean to California, the Red Hot Chili Peppers sang that "Destruction leads to a very rough road, but it also breeds creation." The rock band was referring ... Public health problems often have the potential to lead to severe and systemic liability losses. This was the case in the massive asbestos and tobacco litigation events ... California's growing availability crisis is poised to get worse unless changes to ratemaking beyond the introduction of forward-looking catastrophe modeling take ... Commissioner Lara's new regulation, California Code of Regulations Section 2644.9. Consideration of Mitigation Factors; Wildfire Risk Models, effective Oct. 14, 2022, ... It would be wrong to assume that California regulators and lawmakers are only now starting to ponder what to do about a potential insurance crisis in the wildfire-prone ... Failure to catch overinflated claims is costing the insurance industry tens of billions of dollars each year. Paying too much or too little on a claim isn't beneficial to ... Coming off the worst underwriting performance in over a decade, the U.S. P/C insurance industry continues to face significant headwinds that threaten profitability and ...
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