California Insurance Chief Reveals Next Steps in Making Coverage More Available

California’s Insurance Commissioner announced June 12 next steps to expand insurance options for homeowners and businesses in the state, especially in wildfire risk areas. Ricardo 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. “For the many Californians who live anywhere where wildfires are a threat, my strategy will increase their options while requiring insurance companies to take their wildfire safety actions seriously,” he said in a June 12 press release....