Zurich files growth plan under CA Sustainable Insurance Strategy
Zurich becomes one of the first large commercial insurance providers committing to expand property coverage availability in areas designated as distressed.
Zurich U.S. has submitted a commercial property insurance rate filing in California under the state’s Sustainable Insurance Strategy, created by Insurance Commissioner Ricardo Lara to help support a stable and functioning insurance market.
Zurich is among the first commercial insurance providers to participate in the initiative, which is designed to expand the availability of both residential and commercial property insurance in higher-risk and underserved areas across the state.
For risks underwritten as part of this filing, Zurich has committed to support the goals of the regulation by increasing the number of insured commercial property locations in areas that the California Department of Insurance has designated as “distressed.” This is consistent with the Strategy’s focus on expanding the number of properties insured in these regions.
Zurich also makes high-quality risk engineering services available through Zurich Resilience Solutions to help customers build resilience to severe weather and wildfire hazards and other risks.
“California is an important market for Zurich, and we are committed to supporting solutions that strengthen the availability of insurance while maintaining a disciplined approach to risk,” said Peter Caminiti, Chief Underwriting Officer for Zurich U.S. “We will continue to actively collaborate with customers to support investments in risk mitigation that can help them protect their properties and their people.”
Zurich will pursue measured growth across selected commercial segments, including real estate, financial institutions, professional services, manufacturing, technology, and life sciences, especially in California’s wildfire-distressed areas. The company will continue to evaluate other new and renewal business opportunities in areas of the California market identified as particularly capacity-constrained. Zurich will do so based on established underwriting criteria, including risk selection and resilience considerations.
The filing aligns with broader efforts by state regulators to encourage insurance providers to expand coverage in distressed areas and support long-term market sustainability.
Zurich expects to implement the filing following regulatory review and approval.
Contacts
- Wendy Donahue