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In August 2019, Mercury paid a $27.6 million fine to the California Department of Insurance for findings that it had violated Proposition 103. It was the largest fine against a property and ...
The massive fires that have destroyed much of Pacific Palisades and demolished more than 2,000 homes in Los Angeles County threaten an effort to fix California's troubled home insurance market.
Last year, Francis Bischetti said he learned that the annual cost of the homeowners policy he buys from Farmers Insurance for his Pacific Palisades home was going to soar from $4,500 to $18,000 ...
Mercury wrote $1 million in premiums every month by 1970 and sold its first homeowners policy in 1972. The newly created Mercury Insurance Company wrote its first auto policy in 1977. [7] In 1989, Mercury began expansion outside of California, opening offices in Georgia and Illinois. The company insured more than 1 million vehicles in ...
Between 2020 and 2022, insurance companies declined to renew 2.8 million homeowner policies in the state, according to the most recent data from the California Department of Insurance.
During 2010, Consumer Watchdog opposed Proposition 17, a ballot measure sponsored by Mercury Insurance Group to repeal a provision of Proposition 103 which prohibits insurance companies from considering a driver's history of prior insurance coverage when determining the price or availability of automobile insurance. Mercury spent $16 million in ...
From 2012 to 2021, home insurers in California lost money on underwriting and insurance transactions, while nationwide average profit margins on those deals were 3.6% to 4.2%, respectively.
Its budget is primarily derived from funds generated by license fees, assessments, and Proposition 103 recoupment fees. The CDI licenses over 1,500 insurance companies and more than 320,000 insurance agents and insurance brokers in the state of California, United States. The current California Insurance Commissioner is Ricardo Lara.
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