Large US primary insurer, The Travelers Companies, Inc., has notified the California Department of Insurance (CDI) of its intention to expand the availability of homeowners insurance across the state by voluntarily participating in California\u2019s Sustainable Insurance Strategy (SIS).<\/p>\n
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The initiative, which is being championed by Ricardo Lara, the state\u2019s Insurance Commissioner,\u00a0allows participating carriers to incorporate forward-looking wildfire catastrophe models and reinsurance costs into rates, along with plans to write in high-risk communities.<\/p>\n
Travelers aims to support the state\u2019s efforts to offer access to coverage in areas that have been underserved due to wildfire exposure, which is another key element of the SIS.<\/p>\n
Additionally, Travelers is increasing discounts for homeowners who invest in wildfire mitigation. Updates such as ember-resistant vents, Class A roofing, and defensible space can improve both eligibility and pricing.<\/p>\n
Michael Klein, Executive Vice President and President of Personal Insurance, Travelers, commented, \u201cCalifornia homeowners want access to reliable, fairly priced coverage and service from financially strong insurers they can count on.<\/p>\n
\u201cOffering risk-based pricing for coverage facilitates a fair, competitive and healthy market for all participants. It will also allow us to responsibly operate throughout the state while supporting our ability to meet our obligations and fulfill our promise to customers.\u201d<\/p>\n
Earlier this month, Travelers reported a hugely increased Q1\u201926 net income of $1.711 billion<\/a>, up from $395 million in Q1\u201925, driven by lower catastrophe losses and higher net investment income.<\/p>\n
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