Insuring Wildfire Risks: Insights from CAPE’s Study on California’s Public Rate Filings

The California Department of Insurance (CDI) has adopted new regulations regarding using wildfire risk features in policy rating in response to this growing issue. California required all homeowners insurers to submit new rate filings reflecting these regulations by April 12, 2023.

To help insurers comply with new regulations and mitigate wildfire risks, CAPE reviewed almost 30 public rate filings by the leading 20 insurers, focusing on Single Family Dwelling HO3 programs. 

By examining trends in public rate filings and implementation and exploring how insurers can use data to mitigate risks, the study provides valuable insights that can help insurers comply with new regulations and better protect themselves from financial losses.