Core Insights - The California Department of Insurance (CDI) has approved the Verisk Wildfire Model for assessing wildfire risk and property insurance ratemaking, marking a significant milestone in California's insurance landscape [1][3]. - This model is the first catastrophe model to successfully complete the CDI's evaluation under the new regulatory framework, promoting data-driven risk assessment in California [1][2]. Company Overview - Verisk, a leading global analytics and data provider, developed the Wildfire Model leveraging decades of wildfire science, engineering expertise, and climate data [2][6]. - The model aims to stabilize California's insurance market as part of Commissioner Ricardo Lara's Sustainable Insurance Strategy [2][4]. Industry Impact - The approval allows California insurance carriers to utilize a robust wildfire model for the first time, enhancing the accuracy of wildfire risk assessments and encouraging greater insurer participation [3][4]. - The model incorporates advanced science and data, accounting for both property-level and community-level mitigation efforts, addressing concerns over insurance availability in fire-prone regions [4][5]. Collaboration and Transparency - The approval process involved years of collaboration, transparency, and rigorous review between Verisk and the CDI, highlighting the commitment to informed, data-driven decisions that benefit the insurance industry and communities [5][6].