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Industry groups urge mitigation, data collection and building standards to blunt rising insurance costs
Summary
APCIA and NAMIC told the Senate committee that higher replacement costs, concentrated hail/tornado losses and shrinking reinsurance capital underlie the hard market; both recommended mitigation (fortified/IBHS standards), targeted grant programs and NAIC zip-code data collection to guide policy responses.
Two national trade groups told the committee the Arkansas market reflects broader national strains and that mitigation and data are key to long-term relief.
Robert Gordon, senior vice president at the American Property Casualty Insurance Association, said AM Best downgraded the personal-lines sector to negative and pointed to rising replacement costs,…
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