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California Commissioner encourages insurers to sell cannabis industry insurance

April 27, 2018April 26, 2018 Nordstrom

Cannabis Industry Insurance - Cannibas Scale - legal system

Dave Jones is once again urging insurance companies to sell products to the legalized cannabis ecosystem. California Insurance Commissioner Dave Jones has previously urged insurers to sell legalized cannabis industry insurance products. He is now renewing this call on the heels of recent reports that President Donald Trump has ignored federal law enforcement policies put in place by Attorney General Jeff Sessions. The Commissioner has been trying to encourage insurance company involvement since November 2016. At that time, Californian voters chose to make adult recreational cannabis use legal. Since that…

California insurance industry warned of “significant risk” from Oroville Dam

March 28, 2017March 26, 2017 Logan B.

California insurance industry - flood program

Concern over the dangers presented from the 770 foot structure’s damaged spillway has not disappeared. The next rainy season is only months away and the California insurance industry faces a “significant risk” from the Oroville Dam and its damaged spillway. Experts are cautioning the industry, residents of the region and pretty much anyone else who will listen about that the next time the waters rise could end far worse than the last time. Raging waters last month caused America’s tallest dam to experience critical damage. That damage has yet to…

California Insurance Commissioner granted greater homeowners coverage authority

February 7, 2017February 5, 2017 G. Turner

The state’s Supreme Court ruled that the legislature gave California power to make certain specifications. The California Insurance Commissioner has the authority to decide which factors must be covered by homeowners insurance replacement cost estimate tools, says a state Supreme Court ruling. This will allow the commissioner to say what estimate tools home insurance companies are permitted to use. The decision updated a law from 2011 which was meant to help to reduce the ongoing underinsurance problem in the state. The original issue became truly problematic in 1991 when the…

209,000 California insurance jobs could disappear from ACA repeal

January 13, 2017January 12, 2017 G. Turner

The state has hired former U.S. Attorney General Eric Holder as outside counsel to overcome this challenge. As the Republican party launches its efforts to deconstruct the Affordable Care Act (ACA), a recent study suggests massive damage to California insurance jobs. In fact, the research indicated that the state could see losses of over 200,000 insurance and health care positions from an ACA repeal. Repealing the federal health care reform could also slash an annual $20.5 billion from the California economy. These forecasts were produced by the UC Berkeley Center…

California insurance industry trends forum hears from Schwarzenegger about risk

May 12, 2016May 11, 2016 H. Cutner

Arnold Schwarzenegger California insurance industry trends

The former state governor and well known actor weighed in at the Southern California university event. Actor and former governor Arnold Schwarzenegger spoke at a California insurance industry trends forum this week in order to discuss certain central topics such as that of risk. He spoke to insurance students and professionals in the industry about what it took to play some of his most famous roles. Schwarzenegger also took the chance to use the California insurance industry trends seminar to discuss the types of risks he faced when he originally…

Wildfires in California hit the insurance industry with $1 billion in losses

January 29, 2016January 27, 2016 Marc

Fired introduce more financial strain to the insurance industry Two wildfires in Northern California have destroyed almost 150,000 acres of land, causing approximately $1 billion in insured losses, according to the California Department of Insurance. The fires hit the state last fall and the insurance industry has been working to measure the damage caused by the disasters since then. One of the fires, called the Valley Fire, has become the third most devastating wildfire in the state’s history in terms of total structures destroyed. Wildfires could be more destructive due…

Insurance Commissioner Jones calls for the insurance industry to divest in coal

January 28, 2016April 10, 2017 Logan B.

Dave Jones California insurance commissioner insurance industry rates

Commissioner Jones asks insurers to cut their investments in the coal industry California Insurance Commissioner Dave Jones has issued a call to the insurance industry, encouraging companies to divest from the coal industry. Commissioner Jones is working to require insurers to disclose their investments in coal companies as well. The use of coal among utilities has fallen sharply over the past few years due to federal emissions regulations, but coal companies still receive strong financial support from both the public and private sectors. By divesting from coal, the insurance industry…