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This is a terrific article that California brokers should read.
Report from California Insurers Calls for More Freedom to Use Wildfire Catastrophe Models
Associations representing insurers operating in California on Tuesday released an analysis from Milliman showing wildfire catastrophe models would improve homeowners’ access to insurance in the face of climate-induced wildfire risk.
The analysis was commissioned by the Personal Insurance Federation of California, the American Property Casualty Insurance Association, and the National Association of Mutual Insurance Companies.
The most notable detail: "California is the only state requiring insurers to set total catastrophe premiums for homeowners insurance based on historical experience." All I can say is....WOW.
Report from California Insurers Calls for More Freedom to Use Wildfire Catastrophe Models
Associations representing insurers operating in California on Tuesday released an analysis from Milliman showing wildfire catastrophe models would improve homeowners’ access to insurance in the face of climate-induced wildfire risk.
The analysis was commissioned by the Personal Insurance Federation of California, the American Property Casualty Insurance Association, and the National Association of Mutual Insurance Companies.
The most notable detail: "California is the only state requiring insurers to set total catastrophe premiums for homeowners insurance based on historical experience." All I can say is....WOW.
