The Californer - Issues Driving the California Insurance Crisis: Verb Presents Speaker Series Hosts Mark Sektnan

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BAY AREA, Calif. - Californer -- Like electricity and other modern conveniences, many of us take property and casualty insurance for granted until it is needed. Insurers are in the business to compete and acquire clients, so when many elect to leave a market, usually economic fundamentals and regulatory issues are at play.

Mark Sektnan, VP of State Government Relations of the American Property Casualty Insurance Association (APCIA), will discuss "Issues Driving the California Insurance Crisis" on May 23, 2024 at 5:30 pm as part of the Verb™ Presents Speaker Series. The talk will be moderated by Peter Coe Verbica, CFP®, Managing Director and Principal at Silicon Private Wealth.

According to The Balance, "Property and casualty insurance describes various insurance products that protect your assets (home, belongings, cars) and you when you're legally responsible for damages to someone else's property or another person's injuries."

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In reviewing the impacts of Proposition 103, which passed in 1988, an AP release in US News & World Report advises, "When setting their rates, insurance companies cannot consider current or future risks to a property. They can only use historical data." The article further explains, "Companies are not allowed to consider their reinsurance costs when setting rates for California homeowners."

With over three decades of governmental relations experience, Mr. Sektnan covers four states in the West on behalf of APCIA. Prior to joining the organization, he has held a wide variety of positions, including chief consultant, VP of legislative affairs, and a state relations officer. Government relations requires tact, experience, advocacy, and an understanding of public policy. He brings his thoughtful and nuanced perspectives to the Verb™ Presents audience at a particularly challenging moment in time for the Golden State.

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Silicon Private Wealth, LLC ("SPW") is a Registered Investment Advisor, which as a fiduciary, places clients' interests first; its principals, portfolio managers and team members are actively involved with philanthropic causes. According to Mr. Verbica, "Silicon Private Wealth helps its clients achieve their dreams through prudent and personalized investment planning."

For more information about this virtual event on "Issues Driving the California Insurance Crisis," including reservations and log-in information, please email peter@siliconprivatewealth.com.

(Image Source: AI-generated art using Midjourney with prompts by P. Verbica, 2024.)

www.siliconprivatewealth.com