California Building Industry Association Responds to California Department of Insurance Completion of Innovative Forward-Looking Catastrophe Model to Address California’s Coverage Crisis

SACRAMENTO, CA – The California Building Industry Association issued the following statement today in response to California Insurance Commissioner Ricardo Lara’s approval of a new wildfire catastrophe model aimed at paving way for insurers to close coverage gaps statewide. This statement can be attributed to Dan Dunmoyer, President and CEO of the California Building Industry Association.

“Commissioner Lara’s reforms are a critical step toward restoring a stable and functional insurance market in California. The new catastrophe modeling regulations create a needed, climate-informed regulatory structure that helps insurers and reinsurers better assess wildfire risk and responsibly return to high-need areas. This opens the door for more companies to reenter the market, which is key to bringing back choice and affordability for consumers.

“For the building industry, it means more opportunities to insure projects and deliver the housing Californians urgently need. Combined with the FAIR Plan’s expanded commercial coverage, these actions support the long-term health of our housing supply, our economy, and the communities we serve.”

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CONTACT:
Amy Scott