MetLife Auto & Home said it is cutting back on writing new home insurance in New York City and surrounding counties, a move that was greeted with concern by area insurance agents.
Ellen Kiehl, assistant executive director of the Professional Insurance Agents of New York, said the MetLife move, coupled with a similar announcement by Allstate two months ago, could create capacity issues in the state, possibly forcing some policyholders to look to the nonadmitted and ultimately the residual market for coverage.
MetLife sent notices earlier this week to agents requiring prior underwriting approval before any agent could bind coverage on Long Island, New York City, Westchester, Putnam and Rockland counties.
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