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Let's hope this thread is short on Bay Area Fire Season

That is the suck. Just when the big tankers can fly they lose one to some idiot drone dude.
Hope they find him and he gets punished appropriately .
 
budman said:
That is the suck. Just when the big tankers can fly they lose one to some idiot drone dude.
Hope they find him and he gets punished appropriately .
Click to expand...
Can you imagine how much that guy is shitting his pants right now? And ya I assumed his gender. Of course it's a guy. :laughing
 
I'll bet he's complaining that his drone got destroyed, probably is going to try to get the government to pay for a replacement.
 
I say it because of all of the entitled things I've seen posted by various 'influencers' and video posters.
 
Check this poor dude getting blasted...

www.facebook.com

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Este es el panorama que se vive en los Angeles California en estás ultimas horas Oremos por California #reelsfacebook #fypシ゚ #reelschallenge #fypage #galaxy #fypシ゚viralシ2024fyp #santaclaus...
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FLH03RIDER said:
Question: What was State Farm Insurance net worth in 2023?

State Farm's net worth at the end of 2023 was $134.8 billion. This was an increase of $3.5 billion from 2022.

Explanation
  • State Farm's net worth increased due to the rising value of its unaffiliated stock portfolio. This was driven by the increase in the US equities market.
  • However, State Farm also reported a net loss of $6.3 billion in 2023, which was due in part to a significant increase in catastrophic claims.

  • State Farm's other financial results for 2023 included:
  • A pre-tax operating loss of $8.5 billion
  • Total revenue of $104.2 billion

  • An earned premium of $87.6 billion

  • A combined underwriting loss of $14.1 billion
Click to expand...

How many high claim fires have we had in CA in the last decade? I can count at least 6, quickly. CA is a trap for insurance profitability.

tzrider said:
This is why I was felling trees a couple of years ago. As much forest as there is around the place, it may be meaningless, but there is defensible space. Unfortunately in that area, if a fire really gets going, the FD policy is get homeowners out and run for it.
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Lucky. That can be done in my area w/ fire marshal support. Absent that, good luck removing ANY tree.


tzrider said:
You say this as if there won't be more events like that each year to come. That's the trend.

When you claim that insurance companies are collecting more than they're paying out, a) that's what they are supposed to be doing and b) that isn't what they have been doing for long enough that they're pulling out of this market.
Click to expand...

Many stayed in as long as they could, but CA's lack of response to (needed) premium increases and, givens in risk score calculation being far from correct are reason(s) for insurers packing up and leaving CA. The insurers were given certain assurances that CA state and local plans would lower their risk wrt fire claims. The fire risk mitigations were never acted on, thanks to red tape, incompetence and over confidence in "what are the chances". Insurers trusted CA's political class and realized a few years ago that such trust was misplaced...and that misplacement was going to ruin them. So, they're leaving. Thanks to CA's leadership vacuum.

TLDR; CA's insurance firms are leaving because the state (and localities) have not performed risk mitigation tasks laid out over a decade ago.
 
berth said:
Something occurred to me. I know fire crews are coming in to help with the local fires, I'm just wondering if SCE is able to borrow crews from PGE et al to come help restore electricity.
Click to expand...
Power restoration is a critical lifeline. In a major disaster like this, it's not uncommon to get linemen on mutual aid from outside the area to get power back up.
 
Holeshot said:
CA is a trap for insurance profitability.
Click to expand...

umm-wait.gif


Insurance.
Should.
Not.
Be.
For.
Profit.
 
mikev said:
Insurance.
Should.
Not.
Be.
For.
Profit.
Click to expand...

What should it be then? Unlike tech startups, they can't keep people employed & paid well unless there are profits.

If you are suggesting that insurance should be a government service, or nonprofit org, how far would that go? Just homes, or also cars, boats, life insurance, etc?

Now I do think existing policyholders shouldn't be cut. Climate change isn't their fault. It's a business risk that insurance companies should have planned for a long time ago. Likely the best compromise we'll be able to get is some kind of government subsidy for disaster-prone areas. Kinda like oil exploration subsidies. The government already subsidizes fossil fuels, green energy, and agriculture, why can't they also subsidize insurance to some degree.
 
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Other places that have other types of subsidized insurance have two forms; private and public. We have the private part just fine, but we also have the CFP that is partially subsidized by insurance companies, so subsidized on the back of for-profit corps, which no doubt is raising the rates and everyone is paying for it one way or another, either directly from private companies, or indirectly via rent. Net effect is that it's subsidized by the masses, no doubt with the standard fuck-you-California penalty attached to it.
 
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