Mercury prepares homeowners insurance rate filing using Verisk Wildfire Model

Mercury Insurance, a provider of property and casualty insurance, is preparing a homeowners insurance rate filing using the California Department of Insurance’s (CDI) recently approved Verisk Wildfire Model.

Last week, the CDI completed its review of the Verisk Wildfire Model for use by insurers in assessing wildfire risk and property insurance ratemaking—making it the first catastrophe model to successfully complete the evaluation under the state’s new regulatory framework.

Mercury’s move is a result of the ongoing implementation of Commissioner Ricardo Lara’s Sustainable Insurance Strategy, which the company believes will expand coverage options for California homeowners and help build a more resilient insurance marketplace.

Gabriel Tirador, CEO of Mercury, said, “The leadership of Commissioner Ricardo Lara and his Department in instituting the Sustainable Insurance Strategy is a big step forward in allowing insurance companies to expand and strengthen their insurance coverage options throughout California.

“This balanced, science-based initiative will unlock the ability for us to expand the areas where Mercury is able to offer homeowners insurance.”

Mercury and its California policyholders are already seeing the benefits of the CDI’s strategy.

Late last year, Mercury became the first insurer to begin writing new policies in Paradise, California, since the devastating Camp Fire in November 2018.

With the support of Commissioner Lara, the City of Paradise, its residents, and a wide range of organisations, Paradise was able to reimagine how a wildfire-prone area can rebuild, grow, and thrive.

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