Verisk announced on January 7, 2025, that it has submitted its wildfire catastrophe model for review to the California Department of Insurance, becoming the first organization to do so under new regulations. This model, which incorporates extensive data on wildfire hazards and trends, aims to enhance the resilience of California’s insurance market amidst increasing wildfire risks. Rob Newbold highlighted the collaboration’s potential to promote market stability and better support policyholders.
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