SACRAMENTO, CA - This statement is in response to new claims numbers announced today by California Insurance Commissioner Ricardo Lara. This statement can be attributed to Mark Sektnan, vice president for the American Property Casualty Insurance Association.
“Insurers have been on the ground helping policyholders since the very first day of these historic wildfires. The Camp and Woolsey wildfires caused unprecedented damage in both Northern and Southern California. These fires damaged the largest amount of homes and caused the most insured losses in California history, surpassing the $11.8 billion in damage caused in the 2017 wildfires.
“Rest assured that insurers are fully prepared to guide policyholders and businesses through the recovery and rebuilding process. Insurance is the economic safety net that revitalizes neighborhoods and communities after catastrophes such as these. This is what insurance is for. Policyholders have a lot of options and resources available to them from their insurer. Insurers will assist policyholders until all claims are settled and these communities are rebuilt.
“California continues to have a competitive homeowners insurance market. Given the increasing wildfire risk in California, some insurers must balance their books of business in order to manage solvency and pay future claims. If a homeowner is nonrenewed they should shop around for coverage. While some insurers are not writing new business in high risk areas, other carriers are writing new business.”