2020 Sierra National Forest Creek Fire in California
Credit: USFS

September 30, 2023 - SACRAMENTO, CA — On Friday, Insurance Commissioner Ricardo Lara released the following statement on the successful conclusion of the second Catastrophe Modeling and Insurance Workshop, an integral part of his recently announced Sustainable Insurance Strategy, focused on his ongoing commitment to address climate-intensified wildfire risks and enhance insurance accessibility and affordability for all Californians. The workshop, held virtually, brought together a diverse range of stakeholders and experts to deliberate on the impact of catastrophe modeling on the insurance marketplace, model review and implementation, and distinctions between private and public models.

“I am grateful to all participants for their valuable insights and contributions to this critical discussion. Today's workshop was an integral part of my broader strategy, aimed at fostering a resilient insurance marketplace that protects and serves the needs of all Californians.

“As we look ahead, I am pleased to reaffirm the Department’s commitment to engaging with all stakeholders, not just entrenched interests. The input we received today, and throughout this multi-year effort, is vital to shaping a sustainable and competitive insurance market that benefits our communities and safeguards homeowners and businesses from the growing risks posed by climate change.

“The Department of Insurance remains dedicated to achieving the goals outlined in my Sustainable Insurance Strategy. We will continue to assess the insights gained from today's workshop and work diligently to incorporate these perspectives into our ongoing rulemaking efforts."

For more information and to stay updated on our initiatives, please visit the Department of Insurance website at www.insurance.ca.gov.

Source: CA Department of Insurance