Korean Roundtable with Insurance Expert, Joe Hensler

There will be an in-person meeting of the AAGLA Korean Roundtable on Wednesday, April 24, 2024, at 10:00 A.M.

JOIN US for Lunch!

• What?: The AAGLA Korean Roundtable Meeting – A Light Lunch Will Be Provided
• When?: Wednesday, April 24, 2024, at 10:00 A.M.
• Where?: Apartment Association of Greater Los Angeles

621 So. Westmoreland Avenue, Los Angeles, CA

(Parking is FREE behind the Building)

• How to Attend: Please login to register. Register online at aagla.org/events.

JOIN US for an important update on the California Insurance market with expert, Joe Hensler, of the Insurance Lab. If you have been having difficulties renewing your insurance policies, you will want to attend this Korean Roundtable Meeting. PLEASES…JOIN US for this IN-PERSON meeting of the Korean Roundtable Owners Group. A light breakfast will be provided.

The property insurance market in California has experienced a noticeable increase in premiums and a major loss of insurance carriers willing to write new or renewal policies. This increase can be attributed to several factors, including the growing frequency and severity of natural disasters such as wildfires, and record snow and rainfall. Natural catastrophic losses are poised to exceed $100 billion for the fourth consecutive year putting immense pressure on front line property underwriters and their reinsurers.

Last year, two major insurance companies left the California’s home and property insurance market due to increasing wildfire risk and soaring construction costs and prompting the insurers to stop writing new policies in California, the nation’s most populous state. State Farm announced it would stop accepting applications for all California business and personal insurance of property and casualty insurance, citing inflation, a challenging reinsurance market and “rapidly growing catastrophe exposure.” As a result, many California property owners are left with little to no options for homeowners and property insurance — particularly those with properties in areas most at risk of wildfire damage.

Insurers are also more cautious and selective about the risks they insure leading to increased scrutiny of property conditions and location-specific risks. Some areas may face limitations in coverage, particularly in regions prone to natural disasters, like high fire zones and flooding in coastal regions. Owners are sometimes forced to choose much higher deductibles due to increased insured to value underwriting mandates.

About Our Guest

Joe Hensler is the President of the Insurance Lab offering insurance solutions for both commercial and personal coverages. He works mainly with large companies who are in need of an adviser and advocate in the insurance world. He determines the needs and exposures of each company that he works with and, once he has a firm grasp on their operations, he will work to close those exposures in the simplest and most cost effective way possible. There are many different programs that any given business can choose from which creates some tough decisions. His role as an insurance broker is both to find those options and to counsel my clients so that they truly understand the decisions they are making and the possible outcomes that can result from them.