AM Best Says Losses from California Storms Largely Uninsured, Underinsured

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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.

California is still the second-largest state in private flood premium despite the low take-up of private flood insurance. The state

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