“We’re excited to see how this develops”

In a breakthrough move to address the state’s insurance crisis, the California Department of Insurance (DOI) announced plans to allow insurers to incorporate the cost of reinsurance into their rate calculations and to assess catastrophe risk using forward-looking projections supplied by risk models.

The actions, which were previously banned in California, will be a game-changer for the industry, one expert told Insurance Business.

“The current requirements that rely solely on histor

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