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California Department of Insurance outlines sustainable-insurance plan, urges wildfire mitigation
Summary
Richie Sayoban of the California Department of Insurance told the Mariposa County Board of Supervisors on Oct. 14 that the department is implementing a Sustainable Insurance Strategy aimed at increasing homeowner coverage and consumer protections in wildfire-prone areas.
Richie Sayoban of the California Department of Insurance told the Mariposa County Board of Supervisors on Oct. 14 that the department is implementing a multi-part Sustainable Insurance Strategy meant to increase insurance availability and consumer protections in wildfire-prone areas. Sayoban said the package includes approved forward-looking catastrophe models, incentives for wildfire mitigation, and new expectations that insurers maintain coverage in distressed areas.
The presentation said the strategy centers on five priorities: expanding coverage, approving forward-looking catastrophe models (three models approved in August), incentivizing homeowner mitigation actions, modernizing the FAIR Plan, and establishing insurer…
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