Liberty Mutual's chief executive said the insurance industry needs to review its underwriting in the Midwest and charge more for its homeowners coverage there, declaring that part of the nation a catastrophe zone.
Speaking last week during the Boston-based company's conference call with analysts, Edmund F. Kelly, chairman, president and CEO, said while the company performed well overall, the “one area of concern is the Midwest.”
He said the company is witnessing the most rate activity there due to increased storm activity and mounting losses.
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