The California Department of Insurance completed a review of the state’s first wildfire catastrophe model, marking a dramatic change in the state’s property/casualty insurance ratemaking process.
The new model for use by insurers in assessing wildfire risk in property insurance ratemaking, which was created under under the state’s new regulatory framework to address a growing homeowners insurance crisis in California, was developed by the Extreme Event Solutions business of Verisk.
The Verisk Wildfire Model for the United States was reviewed through the CDI’s Pre-Application Required Information Determination (PRID) process as part of California Commissioner Ricardo