The California Department of Insurance currently allows the use of catastrophe models for earthquake losses and fires following earthquakes. Proposed regulation expands the allowable use of catastrophe models to include wildfire, terrorism and flooding in order to better determine insurance rates. In this image, wildfire engulfs a hill in Ventura County, Calif. (Credit: Rocco Constantino via Shutterstock/ALM archives)
California Insurance Commissioner Ricardo Lara has released a draft of his state's proposed catastrophe modeling and ratemaking regulation. The proposal is intended to make insurance coverage more affordable and accessible in the Golden State while shoring up its struggling insurance market.
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
