.jpg)
not featured
2025-03-25
Events
published
.jpg)
Nearly three months after the wildfires that destroyed much of Altadena and Pacific Palisades in Los Angeles, including homes and businesses, Endeavor Bank hosted a webinar featuring industry experts to examine the insurance implications that followed.
Nearly three months after the wildfires that destroyed much of Altadena and Pacific Palisades in Los Angeles, including homes and businesses, Endeavor Bank hosted a webinar featuring industry experts to examine the insurance implications that followed.
Moderated by Endeavor’s President Steve Sefton and Senior Vice President Kathy Gonzales, our panel of experts covered topics such as proactive strategies amid rising costs, mass policy cancellations and limited insurance availability.
Panelist Peter Katkov, founder and CEO of Apex Risk and Insurance Services, explained that unsustainable losses experienced by insurers are leading to some companies exiting high-risk areas of California entirely. Additionally, insurers’ reinsurance costs have risen over 50% in recent years. He advised home and business owners to work with a proactive insurance broker to stay ahead of regulatory shifts and changing risk profiles.
After sharing a story about a San Diego homeowners association that experienced an insurance renewal quote spike from $160,000 to $2.5 million, panelist Eric Motsenbocker, founder and principal at Pacific Premier Insurance, advised the audience to communicate often with their broker and understand different insurers’ profiles. He also warned that a new $1 billion assessment on the California Fair Plan following the wildfires will mean costs passed on to policyholders.
Panelist Joshua Morey, president of J. Morey Company, Inc., explained how outdated regulations have hamstrung insurers and slowed market recovery. Legislative changes including the California Safe Homes Act and Fair Plan Stability Act could make a positive impact. Regardless, he encouraged business owners to conduct enterprise risk management reviews to identify vulnerabilities and improve resiliency.
An overarching takeaway from the webinar was to be proactive and, as Peter said, “Don’t accept the status quo.”
Stay tuned for information about our next Business Owner Forum!