Thursday, 28 September 2023

California Department of Insurance to host workshop on risk assessment tools to safeguard consumers from climate change

The California Department of Insurance has issued an invitation to a public workshop focused on exploring insurance companies’ use of risk assessment tools in the face of growing climate change threats.

The workshop aims to gather expertise and input to inform future regulations that could benefit consumers through increased insurance coverage options, fair and justified pricing of insurance, and greater recognition by insurance companies of federal, state, and local wildfire safety and mitigation investments.

The July 13 workshop is a continuation of a multi-year effort that Insurance Commissioner Ricardo Lara initiated in 2020 that led to the creation of his first-in-the-nation “Safer from Wildfires” regulations to mandate discounts to homeowners and business owners who engage in wildfire safety and mitigation efforts on their homes, businesses, and properties.

Commissioner Lara has taken several actions in response to the increased climate-intensified wildfire risks, including meeting with Californians across the state, convening his Climate Insurance Working Group, enacting the Safer from Wildfires regulations, and holding a previous workshop on the use of catastrophe modeling used for insurance risk management.

Regarding the purpose and importance of the workshop, California Insurance Commissioner Ricardo Lara said, “Protecting California consumers and addressing climate-intensified wildfire risks requires ongoing innovation and being proactive. This workshop is a significant step toward engaging stakeholders and experts in developing long-term solutions. Consumers will continue to benefit from this effort through more coverage choices and greater safety for their communities, and longer-term resiliency of our state’s insurance marketplace.”

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