California issues landmark rules to improve home insurance market [Los Angeles Times (CA)]
Verisk Analytics, Inc. (VRSK)
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Source: Los Angeles Times
Under new rules intended to stabilize California's troubled home insurance market, insurers will be able to set rates by drawing on a wide swath of meteorological, geographic and other data in establishing rates, rather than largely relying on historical losses. The insurance industry argued the change was imperative given global warming's role in a number of wildfires, including in 2017 and 2018 when thousands of homes burned down. In setting their rates, insurers also must account for efforts to make properties fire resistant. “With our changing climate we can no longer look to the past. We are being innovative and forward-looking to protect Californians' access to insurance,” Insurance Commissioner Ricardo Lara said in a statement. The new regulations — a central element of Lara's Sustainable Insurance Strategy — drew support from the industry and others, including farm and environmental groups, but a mixed response from consumer advocates. Los Angeles group Consumer Watchdo
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VRSK
Earnings
- 10/30/24 - Beat
VRSK
Sec Filings
- 12/16/24 - Form 4
- 12/16/24 - Form 144
- 11/18/24 - Form 4
- VRSK's page on the SEC website