The news that Allstate will no longer write new business in lower New York state could be a prelude to underwriting changes in areas far from the Gulf, according to wholesale brokers in the Northeast.
Dick Munce, regional vice president for Montvale, N.J.-based wholesaler Jimcor Agencies, said rates along the New Jersey coast appear flat "at present," but could see increases as reinsurance catastrophe treaties are settled.
What is happening, he said, is that insurers are excluding wind exposures in surplus lines property policies, forcing brokers to find alternative markets to provide the wind coverage for policyholders.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
