BB09EDEAAB0C67A387258B5E005A819C Hearing Summary CLICS/CLICS2024A/commsumm.nsf PUBLICBILL SUMMARY For PRESENTATION FROM MILLIMANINTERIM COMMITTEE WILDFIRE MATTERS REVIEW COMMITTEEDate Jul 18, 2024 Location Old State Library Presentation from Milliman - Committee Discussion Only Attachment Tag File Name Attachment http://www2.leg.state.co.us/CLICS/CLICS2024A/commsumm.nsf/0/985CCDC706DA...$File/Attachment E.pdf?OpenElement Attachment E.pdf 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. 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. 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. 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.
