The homeowners insurance sector is in a “ride it out” mode, according to one industry expert, as carriers look to retain market share in light of the fact the housing bubble burst and put a halt to the influx of new construction–and new policyholder prospects–that fueled premium growth until the recent crash.
“There are some new policies to be had, but nothing like there was when home building was at its peak,” said Don Griffin, vice president of personal lines for the Property Casualty Insurers Association of America. “Insurers have turned their attention to retaining their business.”
This year Mr. Griffin said some new business can be had, but not at levels witnessed in profitable years such as 2006 and 2007.
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