Commissioner Lara statement on the success of the second catastrophe modeling and insurance workshop
News: 2023 Press Release
SACRAMENTO, Calif. — Today, 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.
# # #
Led by Insurance Commissioner Ricardo Lara, the California Department of Insurance is the consumer protection agency for the nation's largest insurance marketplace and safeguards all of the state’s consumers by fairly regulating the insurance industry. Under the Commissioner’s direction, the Department uses its authority to protect Californians from insurance rates that are excessive, inadequate, or unfairly discriminatory, oversee insurer solvency to pay claims, set standards for agents and broker licensing, perform market conduct reviews of insurance companies, resolve consumer complaints, and investigate and prosecute insurance fraud. Consumers are urged to call 1-800-927-4357 with any questions or contact us at www.insurance.ca.gov via webform or online chat. Non-media inquiries should be directed to the Consumer Hotline at 800-927-4357. Teletypewriter (TTY), please dial 800-482-4833.
