Laurence Darmiento
@ldarmiento
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I cover finance, insurance, aerospace and dealmakers in Southern California. Tips welcome. [email protected]
Burbank, CA
Joined March 2010
Moody's is predicting today the assessment on California's FAIR Plan due to the L.A. fires will raise rates and only worsen the state's home insurance crisis. “Insurers face losses in the tens of billions from the wildfires, and the FAIR Plan assessment further adds to their losses. Homeowners insurance in California will become more expensive and availability will be further constrained in wildfire-exposed areas, which will lead to further growth in the FAIR Plan.” Jasper Cooper, Vice President-Senior Credit Officer, Moody’s Ratings:
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"FAIR Plan to assess insurers $1 billion for L.A. fires; consumers may be on the hook for nearly half " We knew this was coming, now the question is how much will policyholders statewide have to pay?
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After receiving financial info from State Farm, Consumer Watchdog is calling for its request for an emergency 22% homeowners insurance rate hike be rejected. The group says the company has plenty of reinsurance and parent State Farm Mutual is loaded with reserves and surplus to handle LA fire claims.
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Allstate expects $1.1 billion in losses from Los Angeles fires
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State Farm seeks emergency rate increase averaging 22% after L.A. fires -- Here come the rate increases. Stay tuned for more. My story. More details coming.
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This was expected. Just took a while longer. Rohit Chopra has been fired as head of the CFPB by Trump. Chopra was a tough regulator who fought for consumers. Sen. Elizabeth Warren, key to establishing the agency after the financial crisis, is promising a fight if the administration tries to turn the CFPB into a banking industry lapdog.
It's been an honor serving as your @CFPB Director. Every day, Americans from across the country shared their ideas and experiences with us. You helped us hold powerful companies & their executives accountable for breaking the law, and you made our work better. Thank you. 🇺🇸🇺🇸🇺🇸
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"What to learn from rebuilding of Paradise after 2018 wildfire? Plenty, says top insurance executive" Talked to Victor Joseph, president of Mercury Insurance. Wouldn't talk losses from the L.A. fires but had strong views about how to rebuild.
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@DbPeligro That is true. Shows the big money losses in Pacific Palisades despite its overall market share.
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RT @AsmHarabedian: This should be the industry standard across the board, and I’m committed to working with stakeholders to make it a reali…
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Bill providing one year of mortgage relief for L.A. fire victims moving forward -- let's see how much insurance industry opposition this draws. My story.
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CDC ordered to stop working with WHO immediately, upending expectations of an extended withdrawal -- now let's hope there isn't a bird flu outbreak ...
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The Tech Arsenal That Could Power Trump’s Immigration Crackdown
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"With an executive order, Trump casts doubt on the future of EVs in California" -- Meanwhile China charges ahead across the globe to become the leader of the new EV car industry.
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