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From what I understand (and I’d appreciate any corrections) FAIR was supposed to pay for itself, not be a subsidized insurer. It seems like FAIR was underpricin
by nickff 2y ago
From what I understand (and I’d appreciate any corrections) FAIR was supposed to pay for itself, not be a subsidized insurer. It seems like FAIR was underpricing the risk, and the private insurers were right to pull out.
- readthenotes1 2y agoIt didn't work out well... "FAIR Plan has about $300 billion in total exposure, meaning how much they actually insure, and about $200 million in the bank," - March 2024 https://www.cbsnews.com/sanfrancisco/news/california-fair-plan-insurer-of-last-resort-warns-major-disaster-could-wipe-out-funds/ https://www.cbsnews.com/sanfrancisco/news/california-fair-pl...