Why is Delphi World Money Limited (533452) rising - Free Market Dynamics Reports

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“I know I’m not supposed to be here, but this is my parents’ home and they just lost — they got canceled from their fire insurance. So they’re dealing with this,” she told 【 - Free Market Dynamics Reports 】 affiliateKABC. “They’ve lived in this house for 75 years and they’ve had the same insurance and these insurance people decided to cancel their fire insurance.”

Levin-Guzman and her parents’ experience is increasingly common. Between 2020 and 2022, insurance companies declined to renew 2.8 million homeowner policies in the state, according to the most recent data from the California Department of Insurance. That includes 531,000 in Los Angeles County, wherefires are currently raging.

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California FAIR tried to assure worried homeowners that it would be able to handle the claims that this week’s massive fires will produce.

“The FAIR Plan, which is primarily a catastrophe insurer, is prepared for this and is actively serving customers who have made claims,” it said in a statement Wednesday. “The FAIR Plan has payment mechanisms in place, including reinsurance, to ensure all covered claims are paid.”

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But the policy also gives insurers one thing they’ve been seeking for years: the ability to factor in the cost of reinsurance policies, which are policies they buy from other firms to spread their risk, as part of their rate calculations. California has been the only state that didn’t allow the cost of reinsurance to be part of the rate calculations. Reinsurance has been rising due to both the risks posed by climate change and the increasing cost of claims due to inflation raising the price of labor, lumber and other raw materials.

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“We are being realistic about the risks in California,” Lara told 【 - Free Market Dynamics Reports 】 Wednesday. “We can never get to affordability unless we address the availability.”

But Lara’s new policy has been harshly criticized by Consumer Watchdog, a nonprofit, nonpartisan Consumer Advocacy Group that focuses on the insurance market in California. It estimates that insurance rates could rise 40% to 50% as a result of the change, an estimate that Lara disputes. It points to rate hikes of 25% or more approved by the state for many of the major national insurers, such as State Farm, Farmers and Allstate in just the last 13 months.

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“This new policy is guaranteeing higher rates but not necessarily access to coverage,” said Carmen Balber, executive director of Consumer Watchdog. “The commissioner has granted the insurance industry what it wants. There are so many loopholes and lack of teeth in the rule that homeowners won’t see expanded coverage for a very long time, if at all.”

Why is Delphi World Money Limited (533452) rising ✌️【Capital Investment】✌️ Free stock market analysis and data updates to help you select the best investment portfolio. Achieve steady growth and avoid losses with expert predictions and real-time market insights. The Insurance Information Institute, an insurance industry trade group, says it supports the new rules, arguing it is the best solution for allowing its members to insure the fire-prone part of the market that needs fire insurance the most. While the industry’s own stats show that it has been profitable in California in recent years, it said massive losses in 2017 and 2018 caused by the wildfires more than wiped out a decade worth of profit. And it says their costs continue to rise, requiring the increase in insurance premiums.

“We have seen the cost of reinsurance has been going up due to climate risk and also inflation,” said Janet Ruiz, spokesperson for III. California is the only state that hasn’t allowed the cost of reinsurance to be factored in to rates, she said.

Lara said as some of the homeowners who have been forced onto FAIR plan are able to find private insurance once again, their premiums could fall, even if those insurers’ rates are higher than they used to be because the cost of reinsurance is now calculated into their rate.

“This will set premiums fairly for consumers,” he said. “The cost for insurance has skyrocketed. Inflation is even more of a factor than climate change. You have to take in mind.”

But Consumer Watchdog said that the industry has been profitable in California, even without these rules and should be required to write policies for those who have lost coverage without the change in rate calculations.

Despite what insurers claim, she said, “the insurance industry is not on the verge of catastrophe in California.”

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