A home burns during the Mountain Fire in Camarillo, Calif., on Wed., Nov. 6, 2024. The fast-growing Mountain Fire in Ventura County has burned 1,000 acres and is uncontained, forcing evacuations in populated areas northeast of Oxnard. (Credit: Eric Thayer/Bloomberg)
(Bloomberg) — California adopted a rule that aims to bolster access to home insurance in the state, after several major carriers retreated from the market amid growing risk of wildfires.
The rule, which takes effect Jan. 2, allows insurance providers to compute policy rates by using catastrophe models that incorporate the growing risk of climate change as well as mitigation efforts, instead of relying solely on historical disaster data, the California Department of Insurance said in a statement.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
