The maps evaluate hazard rather than risk, according to the fire marshal, using a method similar to flood zone mapping. They estimate the likelihood of wildfire based on factors such as topography, vegetation, wind patterns, ember production and movement, climate conditions, and fire history, without predicting specific outcomes.
“We want to make sure that if you’re putting on that new roof, and if you’re doing wildfire mitigation, that it is meaningful mitigation that meets the science-based standards,” Walker said, referring to guidelines from the Insurance Institute for Business & Home Safety. Source link
The upstream market, which has seen a 5% growth in capacity, is benefiting from a quiet year for losses. This growth continues to fuel soft market conditions. Insurers are under pressure to expand their market share, which has led to reductions in rates and an increasing willingness among underwriters to take on leadership roles, further…
Mercury Insurance, headquartered in Los Angeles, offers personal auto, homeowners, and renters insurance in several states through independent agents. The firm outlined several ways uninsured drivers impact insurance rates. When more drivers are uninsured, insurance companies face increased risk because they must cover more accident-related costs. As a result, insurers raise rates for all policyholders,…
In the latest edition of Insurance Business TV, join Daniel Mogelnicki, of Westfield Specialty, as he examines the state of the E&O and MPL market. In this interview he delves into the specific opportunities in MPL classes, and offers tips for brokers operating in the space. Source link
