California Insurance Commissioner Ricardo Lara announced on June 12 the next steps to expand insurance options for homeowners and businesses in the state, especially in wildfire risk areas.
Mr. Lara said insurers will be able to use “catastrophe modeling”—or risk-based data—when setting rates if they write more policies in high-risk areas, with additional requirements for the state’s largest insurers. Under his plan, all insurers must also give discounts to policyholders who have invested in fire mitigation in or around their homes.
