California Insurance Commissioner Ricardo Lara proposes using catastrophe models to justify rate increases for home insurers in wildfire-hit California.

California Insurance Commissioner Ricardo Lara proposes using catastrophe models to justify rate increases for home insurers, as part of a plan to overhaul insurance regulations in wildfire-hit California. This would expand the use of catastrophe modeling to cover wildfire, terrorism, and flood protection for homeowners and commercial property. The Department of Insurance will solicit public input before finalizing the regulation.