Published: September 4, 2024
Robert Feldman, CEO, President, and Co-Founder of WOWS Insurance Services recently appeared on The Born To Talk Radio Show Podcast to discuss the current fire insurance crisis in California and his company’s innovative solutions. Feldman’s company, WOWS Insurance Services, was founded in response to the changing landscape of fire insurance in California. The firm has developed new products and approaches to provide comprehensive coverage for large homes that struggle to secure insurance in wildfire-prone areas.
According to Feldman, the current fire insurance crisis has been building for over a decade. He points out that U.S. home insurance rates have increased by nearly 38% since 2019, while the percentage of Americans without homeowners’ insurance has more than doubled in the last five years. Feldman explains that insurance companies are now cutting back and pulling out of markets where they can no longer afford to sustain significant losses. He attributes this to the industry’s failure to adapt to the evolving fire risk landscape, likening it to Einstein’s definition of insanity: “doing the same thing over and over and expecting a different result”.
WOWS Insurance Services has created what Feldman describes as a blueprint for how the insurance industry can evolve and succeed in the face of these challenges. By pioneering innovative solutions, the company aims to reshape California’s insurance landscape and provide coverage for homes that might otherwise be left uninsured.
Feldman’s work extends beyond his company. He serves on various task forces and insurance panels, working directly with senior leadership of many insurance carriers to address the state’s current insurance crisis. Through these efforts and his educational initiatives, Feldman is actively contributing to potential solutions for California’s fire insurance challenges.
In conclusion, Robert Feldman’s appearance on The Born To Talk Radio Show Podcast highlighted the complexities of the fire insurance crisis in California and showcased his company’s efforts to address these challenges through innovation and education in the insurance industry. Listen to the full episode here!