The Valley Industry Association will host a luncheon Friday, March 21, on the topic of “California’s Growing Insurance Crisis.”

The luncheon will be held 11:30 a.m.-1:30 p.m. at the Dr. Dianne G. Van Hook University Center, 26455 Rockwell Canyon Road, Room 258, Valencia, CA 91355.

Presenters include:

California State Senator Suzette Valladares, 23rd District, Keynote.

Dawn Abasta, LBW Insurance & Financial Services, Panelist.

Patty Norona, Norona Insurance Agency (Farmers Insurance), Panelist.

California is facing a growing insurance crisis as major insurers have pulled out of the state or significantly limited coverage due to the increasing frequency and severity of wildfires.

Fortunately, following requests from legislators, the Insurance Commissioner has agreed to a one-year moratorium on non-renewals for residents impacted by the fires in specific zip code areas. This offers a reprieve, yet with billions of dollars in claims expected from recent fires, the financial risk may have become unsustainable for insurance companies. Many homeowners have been left scrambling for coverage through the state’s high-risk insurance pool, the California FAIR Plan, which itself may be under strain.

Experts worry that if the trend continues, the insurance industry in California could become unstable, creating ripple effects across the housing market and economy. Without viable insurance options, property values could decline and rebuilding efforts after disasters could be severely hindered, leaving residents and businesses in financial jeopardy.

Reservations are required.

Members and sponsored guests: $45. Non-members: $55.

Lunch will be served.

Please reserve no later than Friday, March 14.

Make your reservations to ensure your place at this this event by visiting www.via.org/events/via-luncheon-californias-insurance-crisis/.