American Property Casualty Insurance Association: New Catastrophe Modeling Regulations Will Help Restore Balance to the Insurance Market

SACRAMENTO, California, March 15 -- The American Property Casualty Insurance Association issued the following statement on March 14, 2024:

* * *

The following statement by the American Property Casualty Insurance Association (APCIA) is in response to new catastrophe modeling regulations issued today by the California Department of Insurance. This statement can be attributed to Mark Sektnan, APCIA vice president for state government relations.

"We commend Commissioner Lara for prioritizing this important reform. As Californians grapple with record inflation and become increasingly vulnerable to climate-driven extreme weather, including catastrophic wildfires, this is a critically needed tool to help identify future risks more accurately and set rates that reflect our new reality. More accurate ratemaking will help restore balance to the insurance market and ensure all Californians have access to the coverage they need. We look forward to working with the Department of Insurance on implementing this forward-looking solution and other desperately needed reforms to fix the insurance crisis."

The American Property Casualty Insurance Association (APCIA) is the primary national trade association for home, auto, and business insurers. APCIA promotes and protects the viability of private competition for the benefit of consumers and insurers, with a legacy dating back 150 years. APCIA members represent all sizes, structures, and regions--protecting families, communities, and businesses in the U.S. and across the globe.

* * *

Original text here: https://www.apci.org/media/news-releases/release/79376/