Verisk Helps Insurers Respond to New Wildfire Regulation in

JERSEY CITY, N.J, Oct. 27, 2022 (GLOBE NEWSWIRE) — As California insurers face new regulatory measures to address rating of property coverage in wildfire-prone areas, Verisk stands ready to help the industry navigate the changing environment. Verisk (Nasdaq: VRSK), a leading global data analytics provider, supports insurers with a broad range of wildfire risk and mitigation data and solutions to help with their compliance with the California Department of Insurance (CDI) regulation.

“Verisk is a critical resource for insurers as they seek to understand their wildfire exposure and make their way through shifting risk profiles, changing market trends, and a dynamic regulatory climate,” said Mark Anquillare, president and COO of Verisk. “We’ve been working with our California stakeholders for more than a year to develop a holistic set of solutions to address these developments and have accelerated our efforts following the adoption of the regulation.”

The new regulation will require insurers to take into account and reflect specific wildfire mitigation factors in their rating plans filed with the CDI, along with any related wildfire risk models that insurers use in connection with such rating plans.

To help insurers prepare for the upcoming filing deadlines, Verisk:

• Has enhanced FireLine^®, Verisk’s wildfire risk assessment solution, to recognize all mandatory factors including specified property-level mitigation efforts, such as defensible space, as well as building hardening measures and community-level mitigation designations. FireLine also accounts for optional factors such as fuel, slope, access for firefighting resources and wind patterns, as specifically addressed under the new regulation. The enhanced solution will be filed with the CDI this year.
• Is updating its ISO Rating Manuals and developing policyholder notices, while staying connected with customers throughout to keep them updated and address their concerns. These…