The American Property Casualty Insurance Association (APCIA) has issued a statement in response to the California Department of Insurance’s newly released catastrophe modeling regulations.
Mark Sektnan, APCIA’s vice president for state government relations, expressed support for the initiative spearheaded by Commissioner Ricardo Lara, highlighting its significance amid the challenges posed by climate change and record inflation.
“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,” he said.
“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,” Sektnan said.
The APCIA is the leading national trade association for insurers of homes, autos, and businesses, with members ranging across various sizes, structures, and regions, aiming to protect individuals, communities, and businesses both within the United States and internationally.
Elsewhere for the organization, APCIA also voiced its support for the recent US Senate Energy and Natural Resources Committee hearing regarding the Wildland Fire Mitigation and Management Commission’s efforts to confront an escalating wildfire crisis.
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