Hurricane risk projections used by insurers to hike property coverage rates in coastal states are “severely flawed,” and state insurance regulators should reject them, two consumer groups contend.
The call, directed at individual regulators and the National Association of Insurance Commissioners, came from the Washington-based Consumer Federation of America and the Center for Economic Justice in Austin, Texas.
This is the second time in a year that the groups have questioned insurer use of catastrophe modeling and rating.
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