Major insurers get their own way with 40% price hike after giving brutal ultimatum to California

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Major insurers get their own way with 40% price hike after giving brutal ultimatum to California

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California has introduced new regulations aimed at easing the state's home insurance crisis, but it will mean Americans will pay more. The new rules, released Monday by the California Department of Insurance, allow providers to pass the cost of reinsurance on to policyholders. Reinsurance is effectively the insurance taken out by insurers. It transfers some of the risk so that no company has too much exposure to a potential catastrophe.
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