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D0DA5F1F79DAB3CD8725872F0057D5DF Hearing Summary




PUBLIC
BILL SUMMARY For INSURANCE ISSUES AND WILDFIRE

INTERIM COMMITTEE  WILDFIRE MATTERS REVIEW COMMITTEE
Date Aug 12, 2021      
Location Old State Library



Insurance Issues and Wildfire - Committee Discussion Only


09:59:27 AM  
Commissioner Michael
Conway, Colorado Division of Insurance, presented to the committee regarding
homeowner's insurance and wildfire issues, using a power point. The Commissioner's
presentation, and all other presentations may be accessed here:
http://leg.colorado.gov/content/iwmrc2021acommsched.
 He discussed different types of homeowner's insurance and insurance's
role in wildfire recovery. Commissioner Conway discussed the availability
and affordability of insurance and the claims process.  He provided
data on insurance claims from the 2020 wildfires in Colorado, and summarized
other states' approaches to insurance and disaster mitigation.    
10:21:50 AM  
Carole Walker, Rocky
Mountain Insurance Association (RMIA), presented to the committee regarding
insurance and wildfires, using a powerpoint.  She discussed increased
insurance claims related to catastrophes in Colorado, increased home building
costs, and the importance of mitigation. Ms. Walker discussed educating
homeowners and communities on the risks of wildfire and the importance
of insurance.
10:43:37 AM  
Ms. Walker and Commissioner
Conway responded to committee questions regarding homeowner incentives
to mitigate their property, insurance company profits, a state-sponsored
insurance pool, and issues with insurance adjusters.