California Department of Insurance Approves Verisk's ISO Wildfire Mitigation Filings for Homeowners, Dwelling, Commercial Property, Commercial Inland Marine and Businessowners Programs
08 January 2024 - 10:14PM
Verisk (Nasdaq: VRSK), a leading global data analytics and
technology provider, today announced that the California Department
of Insurance (CDI) has approved its ISO wildfire mitigation filings
for homeowners, dwelling, commercial property, commercial inland
marine and businessowners programs. This critical filing enables
insurers to incorporate and reflect specific wildfire mitigation
discounts in their rating plans, as mandated by a CDI regulation
implemented last year.
Verisk has been engaging with CDI to assist insurers in
responding to the mitigation regulation and navigating the changing
environmental landscape. As the climate science progresses and more
insurance industry data becomes available, Verisk will continue to
assess the impact of mitigation for insurers. This proactive
approach has positioned Verisk as an industry leader, being among
the first to have its filings approved.
"As the insurance industry evolves and its understanding of the
complexities of wildfire exposure grows, Verisk remains committed
to supporting insurers in their efforts to provide robust coverage
options to policyholders, and our actions to support the ISO
filings with the California Department of Insurance demonstrates
this dedication," said Ron Beiderman, senior vice president of Core
Lines Services Product at Verisk. "By gaining approval for our ISO
wildfire mitigation filings, we are empowering insurers to
effectively assess and manage risks associated with wildfires,
ultimately benefiting both insurers and policyholders."
By incorporating specific wildfire mitigation factors into their
rating plans, insurers can appropriately recognize mitigation
efforts by insureds for property insurance coverage in high-risk
areas. Additionally, insurers and customers who have filed an
"intent to adopt" ISO's filings with CDI may receive expedited
review for their own filings, which in turn, can facilitate
introduction of recognition for such mitigation efforts by
insureds.
For more information about Verisk's ISO mitigation filings and
how they can benefit insurers, please visit
https://www.isomitigation.com/
About Verisk Verisk (Nasdaq: VRSK) is a leading
strategic data analytics and technology partner to the global
insurance industry. It empowers clients to strengthen operating
efficiency, improve underwriting and claims outcomes, combat fraud
and make informed decisions about global risks, including climate
change, extreme events, ESG and political issues. Through advanced
data analytics, software, scientific research and deep industry
knowledge, Verisk helps build global resilience for individuals,
communities and businesses. With teams across more than 20
countries, Verisk consistently earns certification by Great
Place to Work and fosters an inclusive culture where
all team members feel they belong. For more,
visit Verisk.com and the Verisk Newsroom.
Mary Keller
339-832-1740
mary.keller@verisk.com
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