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Article: Ripple effect. (California Property Insurance Rates on the Rise).(Statistical Data Included)
- Article from:
- California CPA
- Article date:
- July 1, 2002
- Author:
CopyrightCOPYRIGHT 2002 California Society of Certified Public Accountants. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Property and casualty insurance rates are skyrocketing across the country and the Golden State is no exception. California's businesses are feeling the ripple effects of the massive property damage at New York City's Ground Zero and the resulting shift in insurance practices. Coupled with a sagging economy and a dot-coin bust that hit California particularly hard, it's clear that the days of competitive property insurance rates are over--at least for awhile.
"Last year was a 'perfect storm' situation [for property insurance]," says Peter Moraga, spokesperson for the Insurance Information Network of California. "Now we're seeing some of those rippling effects."
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