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This is not due to price controls. California does not have much price controls on insurance, and I doubt there are any on commercial apartment buildings. This
by hristov 3y ago
This is not due to price controls. California does not have much price controls on insurance, and I doubt there are any on commercial apartment buildings. This is climate change.
- bombcar 3y ago> In July 2023, State Farm applied for an average 38.7% rate hike with the California Department of Insurance for commercial apartments, according to public filings. But the department ruled the hike was not supported by data, and instead approved a 23% hike at the beginning of March. If you have to apply for a price hike, and it can be modified or refused, that's a form of price controls. And climate change isn't causing PG&E to be worthless idiots; they've always been that. The change is in the climate of the courts; they're now being held responsible. Reading the article is a superpower.
- hristov 3y agoArticle is blocked for me.
- bombcar 3y agohttps://archive.ph/fmGjC https://archive.ph/fmGjC
- shalmanese 3y agoWas there a more than 23% increase in risk due to climate change happening in a single year? 23% is an insane amount for insurance to grow on an annual basis!
- baggy_trough 3y agoInflation was 10% that year. Maybe it was even more in construction / repair costs. Then add incorrect modeling of wildfire risks on top of that.
- joebob42 3y agoIn state insurers are also responsible for bailing out the fair plan, which means they're effectively responsible for policies they didn't write unless they leave the state entirely.
- deleted 3y ago[deleted]
- baggy_trough 3y agoYou're wrong. California does have price controls on insurance.