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Mercury Insurance Preparing Homeowners Insurance Rate Filing that Will Broaden Coverage Availability for California Consumers

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Mercury Insurance (NYSE: MCY) announced plans to prepare a homeowners insurance rate filing using the California Department of Insurance's newly approved Verisk Wildfire Model. This initiative follows Commissioner Ricardo Lara's Sustainable Insurance Strategy, aimed at expanding insurance coverage availability in California.

The company has already demonstrated progress by becoming the first insurer to write new policies in Paradise, CA - a town previously devastated by wildfires in 2018. CEO Gabriel Tirador emphasized that this science-based approach will enable Mercury to expand its homeowners insurance coverage areas throughout California.

Mercury Insurance (NYSE: MCY) ha annunciato l'intenzione di preparare una proposta di tariffa per l'assicurazione sulla casa utilizzando il nuovo Modello Verisk Wildfire approvato dal Dipartimento delle Assicurazioni della California. Questa iniziativa si inserisce nella Strategia di Assicurazione Sostenibile del Commissario Ricardo Lara, volta ad aumentare la disponibilità di coperture assicurative in California.

L'azienda ha già mostrato progressi diventando il primo assicuratore a stipulare nuove polizze a Paradise, CA - una città colpita duramente dagli incendi nel 2018. Il CEO Gabriel Tirador ha sottolineato che questo approccio basato sulla scienza permetterà a Mercury di estendere la sua copertura assicurativa per le abitazioni in tutta la California.

Mercury Insurance (NYSE: MCY) anunció planes para preparar una propuesta de tarifas de seguro para propietarios utilizando el recién aprobado Modelo de Incendios Forestales de Verisk del Departamento de Seguros de California. Esta iniciativa sigue la Estrategia de Seguro Sostenible del Comisionado Ricardo Lara, dirigida a ampliar la disponibilidad de cobertura de seguros en California.

La compañía ya ha demostrado avances al convertirse en el primer asegurador en emitir nuevas pólizas en Paradise, CA, una ciudad previamente devastada por incendios forestales en 2018. El CEO Gabriel Tirador destacó que este enfoque basado en la ciencia permitirá a Mercury expandir su cobertura de seguros para propietarios en todo California.

머큐리 보험사(NYSE: MCY)는 캘리포니아 보험국이 새로 승인한 Verisk 산불 모델을 활용해 주택 소유자 보험 요율 제출을 준비할 계획이라고 발표했습니다. 이 이니셔티브는 캘리포니아에서 보험 보장 범위를 확대하는 것을 목표로 하는 리카르도 라라 보험 국장의 지속 가능한 보험 전략을 따릅니다.

이 회사는 이미 2018년 산불로 큰 피해를 입은 파라다이스, 캘리포니아에서 새로운 보험증권을 발행한 첫 번째 보험사가 되며 진전을 보였습니다. CEO 가브리엘 티라도르는 이 과학 기반 접근법이 머큐리가 캘리포니아 전역에서 주택 보험 보장 범위를 확장하는 데 도움이 될 것이라고 강조했습니다.

Mercury Insurance (NYSE : MCY) a annoncé son intention de préparer un dépôt tarifaire pour l'assurance habitation en utilisant le nouveau modèle Verisk Wildfire approuvé par le Département des assurances de Californie. Cette initiative s’inscrit dans la stratégie d’assurance durable du commissaire Ricardo Lara, visant à élargir la disponibilité des couvertures d’assurance en Californie.

L’entreprise a déjà fait preuve de progrès en devenant le premier assureur à émettre de nouvelles polices à Paradise, CA, une ville dévastée par les incendies en 2018. Le PDG Gabriel Tirador a souligné que cette approche scientifique permettra à Mercury d’étendre sa couverture d’assurance habitation à travers la Californie.

Mercury Insurance (NYSE: MCY) gab Pläne bekannt, eine Hausratversicherungstarifanmeldung unter Verwendung des neu genehmigten Verisk Wildfire-Modells des kalifornischen Versicherungsministeriums vorzubereiten. Diese Initiative folgt der Nachhaltigkeitsstrategie des Kommissars Ricardo Lara, die darauf abzielt, die Verfügbarkeit von Versicherungsschutz in Kalifornien zu erweitern.

Das Unternehmen hat bereits Fortschritte gezeigt, indem es der erste Versicherer wurde, der neue Policen in Paradise, CA ausstellt – einer Stadt, die 2018 durch Waldbrände schwer verwüstet wurde. CEO Gabriel Tirador betonte, dass dieser wissenschaftlich fundierte Ansatz Mercury ermöglichen wird, den Versicherungsschutz für Hausbesitzer in ganz Kalifornien auszubauen.

Positive
  • First insurance provider to resume writing new policies in high-risk Paradise, CA
  • Potential expansion of coverage areas in California through science-based risk modeling
  • Strategic alignment with California Department of Insurance's approved initiatives
Negative
  • Continued exposure to wildfire-prone areas could increase risk profile

Commissioner Lara's Sustainable Insurance Strategy paves way for science-based risk modeling that will build the foundation for a stronger insurance marketplace

LOS ANGELES, July 25, 2025 /PRNewswire/ -- Mercury Insurance (NYSE: MCY), a leading provider of property and casualty insurance, is preparing a homeowners insurance rate filing using the California Department of Insurance's (CDI) recently approved Verisk Wildfire Model. The move is a direct result of the ongoing implementation of Commissioner Lara's Sustainable Insurance Strategy, which the company believes will provide California homeowners with more insurance options and lead to a more resilient insurance marketplace. 

"The leadership of Commissioner Ricardo Lara and his Department in instituting the Sustainable Insurance Strategy is a big step forward in allowing insurance companies to expand and strengthen their insurance coverage options throughout California," said Gabriel Tirador, Mercury's CEO. "This balanced, science-based initiative will unlock the ability for us to expand the areas where Mercury is able to offer homeowners insurance." 

Mercury and its California policyholders have already benefited from the CDI's strategy. Late last year – and in anticipation of the establishment of the Sustainable Insurance Strategy – the Company became the first insurance provider to begin writing new policies in Paradise, CA, a town decimated by a wildfire in 2018. In an effort that included the leadership of Commissioner Lara, the City of Paradise, its residents and a wide range of organizations, Paradise was able to reimagine how a town prone to wildfires could grow and thrive. 

About Mercury Insurance

Headquartered in Los Angeles, Mercury Insurance (NYSE: MCY) is a multiple-line insurance carrier offering personal auto, homeowners, and renters insurance directly to consumers and through a network of independent agents in Arizona, California, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia, as well as auto insurance in Florida. Mercury also writes business owners, business auto, landlord, commercial multi-peril and mechanical protection insurance in various states. 

Since 1962, Mercury has provided customers with tremendous value for their insurance dollar by pairing ultra-competitive rates with excellent customer service, through more than 4,200 employees and a network of more than 6,340 independent agents in 11 states. Mercury has earned an "A" rating from A.M. Best, as well as "Best Auto Insurance Company" designations from Forbes and Insure.com. For more information visit www.MercuryInsurance.com or follow the company on Twitter or Facebook. 

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SOURCE Mercury Insurance

FAQ

What is Mercury Insurance's (MCY) new initiative for California homeowners insurance?

Mercury Insurance is preparing a homeowners insurance rate filing using the California Department of Insurance's approved Verisk Wildfire Model, aiming to expand coverage availability across California.

How is Mercury Insurance (MCY) expanding coverage in wildfire-prone areas?

Mercury became the first insurer to write new policies in Paradise, CA (a town affected by wildfires in 2018) and plans to use science-based risk modeling to expand coverage areas throughout California.

What is the Sustainable Insurance Strategy affecting Mercury Insurance (MCY)?

It's a California Department of Insurance initiative that allows for science-based risk modeling, enabling insurance companies like Mercury to expand and strengthen their coverage options throughout California.

Which California regions will Mercury Insurance (MCY) expand coverage to?

While specific regions haven't been announced, Mercury plans to expand coverage areas throughout California using the newly approved Verisk Wildfire Model for risk assessment.

When did Mercury Insurance (MCY) start writing new policies in Paradise, CA?

Mercury began writing new policies in Paradise, CA in late 2024, becoming the first insurance provider to return to the area after the 2018 wildfire.
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