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California Sustainable Insurance Strategy
Manage episode 386429453 series 3520150
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In this segment, Karl Susman provides a comprehensive discussion on the new California Insurance Stability Plan proposed by Insurance Commissioner Ricardo Lara. The plan's core objective is to revamp and stabilize California's property insurance market. Key strategies include transitioning consumers from the minimal coverage of the CA FAIR Plan to more comprehensive private market options, permitting insurers to utilize advanced climate catastrophe models for pricing, expanding commercial coverage limits under the FAIR Plan, allowing insurers to factor in specific reinsurance costs for California in their rates, and streamlining the rate filing process for quicker approvals.
Additionally, the plan mandates that insurers cover a minimum percentage of properties in high-fire-risk areas, with a provision for a FAIR Plan recovery plan if necessary. This initiative seeks to attract more insurance companies to California, fostering competition, increasing consumer choices, and potentially lowering prices. Susman emphasizes the importance of modernizing outdated regulations like Prop 103, which dates back 35 years, to address current challenges such as climate change. He points out that insurers require effective tools for accurately pricing risks to remain financially viable and fulfill claims.
Karl highlights that delays and legal challenges have hindered progress and ovation in this sector. Overall, the plan is seen as a balanced approach to stabilize California's property insurance landscape, offering enhanced consumer protections and essential tools for insurers.
Insurance Hour is hosted by renowned insurance expert Karl Susman. Karl is a frequent guest on television stations such as ABC, CBS, Spectrum, The CW and FOX, and now his popular radio program is syndicated TO OVER 30 MILLION LISTENERS throughout California.
Listeners can now tune in to Insurance Hour on:
TUESDAY
1200-1300 | KZSB | 1290 AM | Santa Barbara, Ca
1900-2000 | KZSB | 1290 AM | Santa Barbara, Ca
WEDNESDAY
0952-1000 | KZSB | 1290 AM | Santa Barbara, Ca
THURSDAY
0700-0800 | KCAA | 1050 AM / 106.5 FM | Redlands, Ca
FRIDAY
0900-1000 | KMET | 1490 AM / 98.1 FM | Banning, Ca
SATURDAY
0700-0800 | KTRB | 860 AM | San Francisco, Ca
1200-1300 | KEIB | 1150 AM | Los Angeles, Ca
KION | 1460AM | Salinas, Ca
1300-1400 | KCBQ | 1170 AM / 96.1 FM | San Diego, Ca
1600-1700 | KEIB | 1150 AM | Los Angeles, Ca
SUNDAY
1700-1800 | KFBK | 1530 AM / 93.1 FM | Sacramento, Ca
In addition to traditional radio, Insurance Hour is available on several popular streaming platforms, ensuring that listeners can access the show at their convenience.
Audiences worldwide can now enjoy Insurance Hour at InsuranceHour.com, on YouTube, Amazon Music, Tuneln, Alexa, Apple Podcasts, and the iHeartRadio app.
For more information about "Insurance Hour" and its programming, please contact Lara Starr at pr@insura...
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