05/03/2024 | Press release | Distributed by Public on 05/03/2024 13:45
Contact: Julie Robinson, 208-334-4312
[email protected]
BOISE, ID(May 2, 2024) - The Idaho Department of Insurance (IDOI), together with the National Association of Insurance Commissioners (NAIC) Western Zone and the Insurance Institute for Business & Home Safety (IBHS), hosted the first-ever Western Zone Wildfire Risk Forum on April 29-30, 2024, in Boise, Idaho. The forum was intended to educate and inform western policymakers on the impact of wildfire on the homeowner and commercial insurance markets.
Approximately 80 insurance regulators and policymakers participated in the event - the first of its kind for the NAIC.
Day one of the forum was hosted at the National Interagency Fire Center. Activities included:
"Our research puts science-based solutions into the hands of homeowners and identifies a system of actions that give homes a chance to survive a wildfire," says IBHS CEO Roy Wright. "It's good to see Idaho leaning in to emphasize the importance of taking action now before the next red flag warning."
Day two included technical training by the NAIC Catastrophe Modeling Center of Excellence and wildfire model vendors. Western Zone insurance regulators learned about incorporating wildfire science to understand and predict wildfire behavior, and how wildfire risk model research helps estimate damage and assess community vulnerability. They also heard from the insurance industry about their use of wildfire models.
"Idaho was honored to lead and host this event as we look for solutions to stabilize the property insurance market and help citizens protect their property. Ultimately, we want our citizens to have access to affordable coverage and avoid the insurance carrier withdrawals we have seen in other states," said Director Cameron.
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About the Department of Insurance
The Idaho Department of Insurance has been regulating the business of insurance in Idaho since 1901. The mission of the Department is to serve and protect Idahoans by equitably, effectively and efficiently administering the Idaho Insurance Code and the International Fire Code. For more information, please visit us at doi.idaho.gov or email us at [email protected].