FAIR plan News
Lawsuits Accuse Insurers of Colluding to Drop Coverage in Fire-Prone Areas of California
Two lawsuits filed in Los Angeles allege major home insurance companies have colluded to limit coverage in California communities at high risk for wildfires and force homeowners onto the state's ...
Mercury Sees Subro, Re Recoveries Cutting Most of $1.6B+ Wildfire Losses
Although Mercury Insurance Group expects gross losses from the 2025 California wildfires in the $1.6 billion-$2.0 billion range, potential subrogation and reinsurance recoveries will drop the ...
LA Fires: Calif. Insurance Commissioner OKs FAIR Plan Request for $1B Assessment
California Insurance Commissioner Ricardo Lara approved a California FAIR Plan request for a $1 billion assessment on admitted market insurers to cover claims from the Los Angeles wildfires. The FAIR ...
Insurance Issues Pose Vastly Different Rebuilding Options for LA Wildfire Neighbors
Before a wildfire ravaged their street in northwest Altadena, Louise Hamlin and Chris Wilson lived next door to each other in nearly identical houses. "I chose an old home in an old neighborhood ...
Will California’s FAIR Plan Have Enough Cash for Its Wildfire Claims?
There has been some question about whether California's insurer of last resort – the FAIR Plan – has enough cash on hand to pay for its share of wildfire claims. As surplus is inadequate and ...
State Residual Markets See Policy Count Double in 5 Years: AM Best
State-sponsored residual property markets have seen an influx of risks come in since 2018, with some states growing by more than 200 percent. According to insurance industry ratings firm AM Best, the ...
‘Don’t Rock the Boat,’ Brokers Advise California’s Homeowners in Crisis
A growing homeowners insurance crisis for Californians is straining brokers who must work harder to get increasingly expensive and more frequently unavailable coverage for their clients, a crisis ...
Munich Re Specialty Launches FAIR Plan Commercial Wrap Product in California
Munich Re Specialty Insurance is launching a FAIR Plan Commercial Wrap, available to commercial insureds in California who seek comprehensive coverage in tandem with their FAIR Plan coverage. MRSI's ...