Johnson & Johnson Consulting LLC’s Post

In a Barron's interview series, Marsh McLennan’s CEO, John Doyle, shared industry perspectives on the state of insurance business and risk as it pertains to the Wildfire areas. The discussion covered key industry topics before the wildfires in Los Angeles, offering a comprehensive view of the sector. Subsequent inquiries, post-wildfires, were then addressed, via email, to share thoughts around the future direction for the insurance market as it pertains to wildfire risk in California. #Insurance #RiskManagement #IndustryInsights #Wildfires #California

Does Your Senior Care Community Have Adequate Insurance Coverage? With the increasing frequency and severity of severe weather events in the US, senior care communities must ensure they have sufficient insurance coverage. Dan Gilhooly, Senior Vice President of Gallagher, highlights the changing weather patterns and the resulting increase in weather-related losses. As severe weather events continue to worsen, it is crucial for owners, operators, and risk managers to stay updated on changes in the insurance industry and incorporate available solutions to protect their communities. Read More click on the link below. 👇 https://lnkd.in/gZR6N5-i #Insurance #SeniorLiving #WeatherEvents

Does Your Senior Care Community Have Adequate Insurance Coverage? With the increasing frequency and severity of severe weather events in the US, senior care communities must ensure they have sufficient insurance coverage. Dan Gilhooly, Senior Vice President of Gallagher, highlights the changing weather patterns and the resulting increase in weather-related losses. As severe weather events continue to worsen, it is crucial for owners, operators, and risk managers to stay updated on changes in the insurance industry and incorporate available solutions to protect their communities. Read More click on the link below. 👇 https://lnkd.in/gZR6N5-i #Insurance #SeniorLiving #WeatherEvents

Does Your Senior Care Community Have Adequate Insurance Coverage? With the increasing frequency and severity of severe weather events in the US, senior care communities must ensure they have sufficient insurance coverage. Dan Gilhooly, Senior Vice President of Gallagher, highlights the changing weather patterns and the resulting increase in weather-related losses. As severe weather events continue to worsen, it is crucial for owners, operators, and risk managers to stay updated on changes in the insurance industry and incorporate available solutions to protect their communities. Read More click on the link below. 👇 https://lnkd.in/gZR6N5-i #Insurance #SeniorLiving #WeatherEvents

Does Your Senior Care Community Have Adequate Insurance Coverage? With the increasing frequency and severity of severe weather events in the US, senior care communities must ensure they have sufficient insurance coverage. Dan Gilhooly, Senior Vice President of Gallagher, highlights the changing weather patterns and the resulting increase in weather-related losses. As severe weather events continue to worsen, it is crucial for owners, operators, and risk managers to stay updated on changes in the insurance industry and incorporate available solutions to protect their communities. Read More click on the link below. 👇 https://lnkd.in/gZR6N5-i #Insurance #SeniorLiving #WeatherEvents

Does Your Senior Care Community Have Adequate Insurance Coverage? With the increasing frequency and severity of severe weather events in the US, senior care communities must ensure they have sufficient insurance coverage. Dan Gilhooly, Senior Vice President of Gallagher, highlights the changing weather patterns and the resulting increase in weather-related losses. As severe weather events continue to worsen, it is crucial for owners, operators, and risk managers to stay updated on changes in the insurance industry and incorporate available solutions to protect their communities. Read More click on the link below. 👇 https://lnkd.in/gZR6N5-i #Insurance #SeniorLiving #WeatherEvents

"Democratic insurance commissioners in the Golden State have for years suppressed rates. Until recently, California was the only state that prohibited carriers from using catastrophe models to project disaster risk and pricing reinsurance costs into their premiums. Wildfires—exacerbated by the state’s poor land mismanagement—have swelled insurer claims and liabilities. Insurers are paying out $1.09 in expenses and claims for every $1 they collect in premiums. They’ve curbed their exposure in part by dropping policy holders in high-risk areas and leaving the market. The liabilities of the state’s insurer of last resort, FAIR, have exploded to $458 billion from $153 billion in 2020, with $5.9 billion in exposure in the Pacific Palisades. Yet Insurance Commissioner Ricardo Lara rejected FAIR’s proposed rate increases while requiring it to cover homes worth up to $3 million."

🔥 What’s Next for Fire Insurance in California? 🔥 Wildfire risk in California is not only a pressing concern for homeowners, but it's also causing a seismic shift in the insurance industry. With ongoing negotiations between the state and insurance providers to raise premiums, many are asking: What does this mean for the future of fire insurance in CA? But the problem doesn't stop there. The Pacific Northwest is also grappling with similar challenges. In 2024, PacificCorp was hit with an $85 million verdict for its role in the 2020 wildfires, following a $90 million verdict for the same year in 2023. Additionally, a separate set of 2020 wildfires resulted in a massive $299 million settlement. As the risk of wildfires continues to escalate, the impact on insurance companies and policyholders is becoming more significant. Will insurers hike premiums? Could wildfire-related lawsuits become more common? What does this mean for property owners in high-risk zones? Stay informed and prepared as we navigate this critical issue together. If you have questions or need legal advice regarding wildfire claims or insurance matters, our team is here to help. #WildfireRisk #FireInsurance #CaliforniaWildfires #PacificNorthwest #InsuranceIndustry #LawFirm

There are a lot of great (and timely) insights in this article co-authored by my colleagues- check it out!

Good article to remind us of disaster insurance basics in the wake of the LA wildfires.