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Verouderd10 jan 25, 14:28 UTC31 dec 28, 23:59 UTC
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Regels
Proposition 103, passed by California voters in 1988, requires prior approval for property and casualty insurance rates.
- In recent years, California has faced escalating wildfire risks, leading to substantial losses for insurers.
- The recent Los Angeles wildfires have caused unprecedented damage, with estimates suggesting they could become the costliest in the state's history.
- Business Insider
- In response to these challenges, major insurers like State Farm and Allstate have ceased accepting new homeowner insurance applications in California, citing increased wildfire risks and soaring construction costs.
- The insurance industry's withdrawal has sparked debates about the sustainability of Proposition 103.
