Climate change has severely impacted insurance markets, particularly in California, necessitating urgent action. Senate Bill 429 proposes public catastrophe models to help assess and manage wildfire risks as the federal government reduces support for communities affected by climate disasters. Despite California's significant investments in wildfire mitigation, challenges persist in ensuring insurance accessibility. Public models aim to enhance transparency and aid decision-making in climate resilience, potentially easing the insurance crisis and supporting better risk assessments.
Public catastrophe models like the one proposed in SB 429 can serve as a check on the proprietary black box risk prediction models insurers use to justify rate increases.
Under the Trump administration, the federal government is abandoning its responsibility to support communities facing climate catastrophe, shifting costs onto state governments.
Collection
[
|
...
]