How the California Wildfires Changed Insurance Policies: Rate Reform and Recovery

Know Your Risk and Insurance Coverage with RiskProNet

In this follow-up conversation with Jill Epstein, CEO of IABCal, we dive deep into the state of the California insurance marketplace following the devastating January wildfires. Jill walks us through major regulatory shifts, including the commissioner’s new tools, the inclusion of cat modeling and reinsurance in rate applications, and how these changes are impacting carriers and consumers alike. She shares candid insights into how independent brokers are rising to meet the needs of their communities, the evolving role of the FAIR Plan, and what the future may hold for rate approvals, market stabilization, and rebuilding efforts across the state.

Timecodes:

00:00 Introduction and welcome to Jill Epstein
01:04 New rate reform regulations and timelines
04:19 Cat modeling, reinsurance, and how fires accelerated change
08:18 Brokers’ on-the-ground response and early carrier actions
12:59 FAIR Plan updates and industry leadership during crisis
18:07 Market impact, rate realities, and future carrier return
24:03 E&O risks, sticker shock, and consumer understanding
27:14 Legislation, hope for change, and broker resilience

Resources:

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