California Enacts Law for Transparent Wildfire Risk Model
Legislation for a fully transparent public wildfire catastrophe model was signed into law by Gov. Gavin Newsom.
The new law, SB 429, aims to empower California consumers by challenging the secretive wildfire risk algorithms used by insurance companies to raise rates.
Key Provisions
- Mandates California universities and the Department of Insurance to develop the model
- Funding approved in the 2025 budget
Homeowners are fed up with insurance companies’ black-box models that penalize consumers for fire risk but refuse to explain how they calculate it.
— Carmen Balber, executive director of Consumer Watchdog
Author's summary: California introduces transparent wildfire risk model law.
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