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Mercury Insurance Expands California Homeowners Coverage with New Rate Filing and Verisk Wildfire Model
ByAinvest
Sunday, Jul 27, 2025 6:39 pm ET1min read
MCY--
The Verisk Wildfire Model is a science-based risk modeling tool that will enable Mercury Insurance to offer more insurance options to California homeowners. The company believes this model will strengthen the insurance marketplace and provide better coverage for areas prone to wildfires.
Mercury Insurance has already demonstrated its commitment to expanding insurance coverage in California. In 2024, the company became the first insurer to write new policies in Paradise, CA, a town devastated by wildfires in 2018. This initiative was part of a collaborative effort involving Commissioner Ricardo Lara, the City of Paradise, its residents, and various organizations. The goal was to help Paradise reimagine its growth and thrive despite its vulnerability to wildfires.
The company's CEO, Gabriel Tirador, has highlighted the significance of Commissioner Lara's Sustainable Insurance Strategy in allowing insurance companies to expand and strengthen their insurance coverage options throughout California. He believes the balanced, science-based initiative will unlock the ability for Mercury to expand its homeowners insurance coverage areas.
Mercury Insurance offers personal auto, homeowners, and renters insurance directly to consumers and through a network of independent agents in multiple states. The company has a strong presence in California and has been recognized for its competitive rates and excellent customer service. Since 1962, Mercury has provided customers with tremendous value for their insurance dollar, employing over 4,200 employees and a network of more than 6,340 independent agents in 11 states.
References:
[1] https://www.prnewswire.com/news-releases/mercury-insurance-preparing-homeowners-insurance-rate-filing-that-will-broaden-coverage-availability-for-california-consumers-302514327.html
[2] https://www.marketscreener.com/news/mercury-insurance-preparing-homeowners-insurance-rate-filing-that-will-broaden-coverage-availability-ce7c5fdbdf8ef525
[3] https://finance.yahoo.com/news/mercury-insurance-preparing-homeowners-insurance-011300290.html
[4] https://www.stocktitan.net/news/MCY/mercury-insurance-preparing-homeowners-insurance-rate-filing-that-umqpicr8b7ki.html
Mercury Insurance is preparing to expand homeowners insurance coverage in California using a new wildfire risk model. The company is the first to offer new policies in Paradise, CA, following the 2018 wildfires. This initiative aligns with California's Sustainable Insurance Strategy to enhance resilience against wildfires. Mercury Insurance offers personal auto, homeowners, and renters insurance directly to consumers, with a strong presence in California.
Mercury Insurance (NYSE: MCY), a leading provider of property and casualty insurance, is preparing to expand its homeowners insurance coverage in California. This initiative is driven by the company's use of a new wildfire risk model, the Verisk Wildfire Model, recently approved by the California Department of Insurance (CDI). The move aligns with California's Sustainable Insurance Strategy, which aims to enhance resilience against wildfires.The Verisk Wildfire Model is a science-based risk modeling tool that will enable Mercury Insurance to offer more insurance options to California homeowners. The company believes this model will strengthen the insurance marketplace and provide better coverage for areas prone to wildfires.
Mercury Insurance has already demonstrated its commitment to expanding insurance coverage in California. In 2024, the company became the first insurer to write new policies in Paradise, CA, a town devastated by wildfires in 2018. This initiative was part of a collaborative effort involving Commissioner Ricardo Lara, the City of Paradise, its residents, and various organizations. The goal was to help Paradise reimagine its growth and thrive despite its vulnerability to wildfires.
The company's CEO, Gabriel Tirador, has highlighted the significance of Commissioner Lara's Sustainable Insurance Strategy in allowing insurance companies to expand and strengthen their insurance coverage options throughout California. He believes the balanced, science-based initiative will unlock the ability for Mercury to expand its homeowners insurance coverage areas.
Mercury Insurance offers personal auto, homeowners, and renters insurance directly to consumers and through a network of independent agents in multiple states. The company has a strong presence in California and has been recognized for its competitive rates and excellent customer service. Since 1962, Mercury has provided customers with tremendous value for their insurance dollar, employing over 4,200 employees and a network of more than 6,340 independent agents in 11 states.
References:
[1] https://www.prnewswire.com/news-releases/mercury-insurance-preparing-homeowners-insurance-rate-filing-that-will-broaden-coverage-availability-for-california-consumers-302514327.html
[2] https://www.marketscreener.com/news/mercury-insurance-preparing-homeowners-insurance-rate-filing-that-will-broaden-coverage-availability-ce7c5fdbdf8ef525
[3] https://finance.yahoo.com/news/mercury-insurance-preparing-homeowners-insurance-011300290.html
[4] https://www.stocktitan.net/news/MCY/mercury-insurance-preparing-homeowners-insurance-rate-filing-that-umqpicr8b7ki.html
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