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Industry and consumer groups offer different fixes: trade associations cite reinsurance and claims costs; advocates and a risk scholar propose regulation and a
Summary
Trade associations and insurers described climate, inflation and reinsurance pressures driving rates; consumer advocates urged stronger consumer protections and data transparency; a University of Maryland risk scholar proposed a federal government‑sponsored hazard insurer to address market failure.
Industry representatives and consumer advocates presented contrasting views on causes and remedies for homeowners insurance changes at the House Environment and Transportation Committee briefing.
Matt Overturf, assistant vice president for state affairs at the National Association of Mutual Insurance Companies (NAMIC), said insurers face a "new era of risk" driven by extreme weather, inflation in materials and labor, litigation trends and rising reinsurance costs. "For year end 2023, the combined ratio for homeowners insurance for all carriers in the United States was a 110.9," he said, explaining that insurers are paying out more in claims and expenses than they receive in premium in many cases.
Bryson Popham of the Maryland Association of Mutual Insurance Companies (MAMIC) and…
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