CA Completes Review of First Wildfire Risk Model

CA Regulators Complete Review of Wildfire Risk Model

California’s Department of Insurance has completed a review of the state’s first wildfire catastrophe model, which property/casualty insurers can now begin using to assess wildfire risk when setting rates. The major change to the ratemaking process is part of a new regulatory framework created to address a homeowners insurance crisis in the state, with rates rising and availability falling. In return for being granted the ability to use modeling in rate making, insurers will be required to cover more properties in wildfire-prone areas. (INSURANCE JOURNAL)

—Compiled by SNCJ Managing Editor KOREY CLARK

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