CLICS/CLICS2024A/commsumm.nsf
PUBLIC
BILL SUMMARY For PRESENTATION FROM MILLIMAN
INTERIM COMMITTEE WILDFIRE MATTERS REVIEW COMMITTEE
Date Jul 18, 2024
Location Old State Library
Presentation from Milliman - Committee Discussion Only
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10:28:38 AM |
Rehan Siddique, representing
Milliman, presented to the committee (Attachment E). He reviewed information
about Milliman and the Milliman Climate Resilience Initiative. Mr. Siddique
discussed catastrophe model applications, including how they are conventionally
used as well as some new uses, including loss mitigation, climate change
planning, and credit risk. He reviewed information on how the catastrophe
model treatment varies widely among states and how the model is being used
in Colorado.
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10:38:47 AM |
Mr. Siddique discussed
the challenges for insurance regulators, including the lack of appropriate
expertise to review the models and the need to protecting proprietary information.
He explained how Milliman is trying to address the wildfire insurance crisis,
including affordability and sustainability. He discussed the need to measure
related data, how to communicate the risk to stakeholders and homeowners,
and how to mitigate wildfire risks. Mr. Siddique reviewed the intended
outcomes of the Wildland-Urban Interface (WUI) Data Common, which includes
collective action, accurate pricing, and transparency.
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10:48:10 AM |
Mr. Siddique continued to discuss the WUI Data Commons, including data collectors and data consumers. He reviewed information about the Paradise fire in California, including the impact of mitigation on homeowners insurance premiums. Mr. Siddique discussed industry data calls, which is part of a long-term strategy to gain more insight into the health of property markets at both the state and national level, and how they can be used by regulators and legislators to better understand the insurance market. He explained the catastrophic risk atlas and how it can be used to target mitigation funding.
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10:59:45 AM |
Mr. Siddique responded
to questions from the committee about the presentation, including how Milliman
is involved in rebuilding efforts in Paradise, California.
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