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Insurance Department warns consumers of rising property costs, plans outreach and flood-risk tools
Summary
The Connecticut Insurance Department briefed the Appropriations subcommittee on property/casualty market pressures, rising replacement costs, flood risks and outreach plans; commissioner said regulators will push for resiliency measures and consumer education and continue efforts to grow the state—s captive insurance market.
The Connecticut Insurance Department told the Appropriations subcommittee that insurance premiums, especially property and casualty coverages, are under upward pressure from higher replacement costs, inflation-driven labor and materials expenses and increasing climate-related disasters.
Commissioner Andrew Mays told lawmakers the department reviews rate requests to ensure they are not excessive or discriminatory and to protect solvency. Mays said supply-chain issues and inflation in…
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