FAIR Plan to assess insurers $1 billion for L.A. fires

FAIR Plan to assess insurers $1 billion for L.A. fires; consumers may be on the hook for nearly half
The California FAIR Plan, the state's insurer of last resort, has received approval to assess its member carriers $1 billion to help pay its L.A. fire losses -- with consumers possibly on hook for nearly half under new state policy.
California seeks $1 billion from insurers to shore up FAIR Plan after LA fires
California Insurance Commissioner Ricardo Lara has requested $1 billion in additional funds from the commission's member insurers to shore up the state-backed FAIR Plan after wildfires ravaged swathes of land in and around Los Angeles last month.
California’s High-Risk Insurer Gets $1 Billion Bailout After L.A. Fires
The move will likely lead to higher costs for households across the state, and may push more insurers to leave, intensifying a home insurance crisis.
California homeowners will have to fund half of high-risk insurer’s $1 billion ‘bailout’
The plan will impose a special charge on homeowners and insurance companies to cover $1 billion in L.A. wildfire costs
California FAIR Plan gains approval for $1bn assessment from member firms
The California FAIR Plan Association, a consortium of all insurers licensed to provide property insurance in the state, has received approval for an
California Levies $1 Billion Assessment on Insurers for LA Fires
The funds will help the state’s insurer of last resort pay claims to thousands of homeowners affected by the wildfires.
Wildfire victims file more than 4,400 claims with California’s FAIR Plan, home insurer of last resort
That’s enough to kick the plan’s strained finances further into crisis mode, increasing the chances that homeowners statewide will see insurance costs rise.
California FAIR Plan needs $1 billion more to pay out claims from LA fires
California’s plan that provides insurance to homeowners who can’t get private coverage needs $1 billion more to pay out claims related to the Los Angeles wildfires, the state Insurance Department said Tuesday.
California FAIR Plan is running out of money; nearly all homeowners to help bail it out
The California FAIR Plan does not have enough money to weather the impact of the record-breaking Los Angeles wildfires on its ...
California’s insurer of last resort runs out of money to pay L.A. fire claims
In the aftermath of the Los Angeles fires, the FAIR plan gets a $1 billion bailout — the latest indication that California’s ...
California's insurer for people without private coverage needs $1 billion more for Los Angeles fires claims
California’s plan that provides insurance to homeowners who can’t get private coverage needs $1 billion more to pay out ...
Santa Rosa Press Democrat2h
California homeowners to face new fees to keep fallback insurance plan solvent
After saying it would run out of funds by March, California’s last-resort fire insurance provider will impose a special ...
Insurers Braced to Bail Out California State Insurer For L.A. Wildfire Losses
Insurers are estimating losses totaling billions of dollars from the Los Angeles wildfires, including assumed payments to ...
Best’s Commentary: Wildfires Intensify Troubles in California’s Property Insurance Market
In a new commentary, AM Best notes that policyholders in California had increasingly turned to the state’s insurer of last ...