Off-Topic: Southern California Fires

[1UNI2ISU]

I think many have already left due to regulation of prices and how much extra fire insurance costs....just tough all the way around.

A bunch of carriers were already excluding fire and you had to purchase through the state. You know where that money has to come from.

 

[NWICY]

Banned?

Damn that surprises me.

 

[simply1]

Significant sure. But am I reading that right that they had around $35B difference between premiums and losses? So, a $10-$20B will certainly hurt the stock price. But I hardly feel like it would be the end of insurance in California.

This is one event. They’re still paying out all that other stuff too. And operating costs.
I’m not saying it will end insurance, however it’s going to force some innovation.

 

[Cyclonepride]

For comparison sake, does anyone know what they bring in for revenue in a state like California? I’d assume that’s also a big number? In the end, is $10B a year’s worth of revenue, 2 years, a decade?

If you are forbidden to charge rates commensurate with the risk, you will lose money, and not many companies are into that.

 

[isufbcurt]

The crazy thing is that the Low Pressure system that brought the 100 mph winds that scattered the embers all over the place in LA is the same system bringing snow and ice to Texas and the SE.

 

[Clonehomer]

If you are forbidden to charge rates commensurate with the risk, you will lose money, and not many companies are into that.

Understood. And that form doesn’t show the overhead needed to run the business. But if losses are normally around 60% of the premiums coming in, it isn’t like a 20-40% increase in losses will cause the rates to triple.

I guess my point is that hearing a $10-20B cost sounds like a giant sum of money. But it needs to be kept in context of the size of the industry.

 

[BCClone]

Understood. And that form doesn’t show the overhead needed to run the business. But if losses are normally around 60% of the premiums coming in, it isn’t like a 20-40% increase in losses will cause the rates to triple.

I guess my point is that hearing a $10-20B cost sounds like a giant sum of money. But it needs to be kept in context of the size of the industry.

If after all costs (agent, adjusters, overhead and such) they are only clearing 10%, another 20-40% ate up in losses could force a double to triple jump.

 

[SolterraCyclone]

I was just thinking the same thing yesterday. IIRC, he lived in the pasadena/altadena area but closer to the Rose Bowl (hopefully).

Yeah I was thinking about him too

 

[iowastatefan1929]

Fires in Studio City and Hollywood seem to be contained. Is the risk over, those responders really came through last night if true. Incredible response to save that area. Arsonists spotted setting fires in Santa Monica last night.

 

[bos]

Fires in Studio City and Hollywood seem to be contained. Is the risk over, those responders really came through last night if true. Incredible response to save that area. Arsonists spotted setting fires in Santa Monica last night.

Sigh....

 

[iowastatefan1929]

Apparently very difficult to get electric cars charged at the mobile stations right now. Some are full with long lines, some have no power. The locals are all expected to go to work which is causing some understandable frustration.

 

[keepngoal]

Apparently very difficult to get electric cars charged at the mobile stations right now. Some are full with long lines, some have no power. The locals are all expected to go to work which is causing some understandable frustration.

so same as ICE cars.

 

[keepngoal]

Fires in Studio City and Hollywood seem to be contained. Is the risk over, those responders really came through last night if true. Incredible response to save that area. Arsonists spotted setting fires in Santa Monica last night.

source?

 

[simply1]

Crazy swings, they just got walloped with rain last year to help the drought conditions.

 

[isufbcurt]

Fires in Studio City and Hollywood seem to be contained. Is the risk over, those responders really came through last night if true. Incredible response to save that area. Arsonists spotted setting fires in Santa Monica last night.

The weather helped last night a lot. The winds had died down so they could drop water from the air, whereas on Tuesday the winds were to high to drop from the air.

 

[cycloner29]

Was it James Woods that came on TV after he lost his house and claimed he had no insurance on his house? Wonder how many actually do not have any insurance?

 

[isufbcurt]

Apparently very difficult to get electric cars charged at the mobile stations right now. Some are full with long lines, some have no power. The locals are all expected to go to work which is causing some understandable frustration.

my daughter's work closed today, it's on Beverly Blvd relatively close to the Sunset fire area

 

[BoxsterCy]

source?

Seems some jackasses set a dumpster on fire. It's a distraction story and not getting a lot of news coverage because it's really not relevant to the disaster as a whole.

 

[NWICY]

Fires in Studio City and Hollywood seem to be contained. Is the risk over, those responders really came through last night if true. Incredible response to save that area. Arsonists spotted setting fires in Santa Monica last night.

If those arsonists happened to get shot I wouldn't feel bad.

 

[exCyDing]

Fires in Studio City and Hollywood seem to be contained. Is the risk over, those responders really came through last night if true. Incredible response to save that area. Arsonists spotted setting fires in Santa Monica last night.

Amazing response, but the conditions helped a ton as well. We noticed there was almost no wind as we were driving away. If it had been earlier or the day before, it would have been blowing embers into the neighborhoods below. They were also able to drop water on it using helicopters, which helped a ton.