N.Y. Sets Agenda for Public Hearing on Homeowners Insurance Market

February 13, 2006

New York Superintendent of Insurance Howard Mills released the agenda for a public hearing on the state’s current homeowners’ insurance marketplace that is scheduled for Monday, Feb. 27.

The public hearing will consider issues arising in the wake of the major hurricanes that caused significant losses in the Gulf Coast and Florida last year, as well as those related to limitations of underwriting activity in New York State by a major insurer, Allstate.

According to Mills, testimony should address the following topics:

Is coverage for homeowners’ insurance readily available, particularly in New York City, Westchester, Suffolk and Nassau counties?

What is the extent/nature of competition in the homeowners’ insurance market?

What is the availability and cost of reinsurance to homeowners’ insurers?

How have recent limitations of underwriting activity by a major insurer affected the homeowners’ insurance market?

What is the effect of percentage deductibles on homeowners’ insurance losses and on insurers. underwriting capacity?

What are your views on the various catastrophe reserve fund bills that have been introduced both at the State and Federal levels?

What steps can the Insurance Department, the state Legislature, insurers and consumers take to increase the use of loss mitigation techniques?

The hearing will begin at 10 a.m. at the New York Insurance department’s Manhattan office, 25 Beaver Street-5th Floor.

Topics Trends New York Market Homeowners

Was this article valuable?

Here are more articles you may enjoy.