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AM Best Says Losses from California Storms Largely Uninsured, Underinsured

February 9, 2024

The economic losses from the latest round of California storms will be significant, with many of these losses may not be insured because only 2% of California residents have purchased flood insurance, David Blades, associate director, industry research and analytics, AM Best, wrote in a report out this week.

“Soaking rains from two different atmospheric rivers have led to repeated flooding events will therefore shine a spotlight on private flood insurance in California,” Blades wrote.

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