Testimony Jerry Theodorou Senate Banking Committee Testimony, Hearing on ‘Perspectives on Challenges in the Property Insurance Market and the Impact on ConsumersSUBMITTED STATEMENT OFJERRY THEORDOROUDIRECTOR, FINANCE, INSURANCE AND TRADE PROGRAMR Street InstituteBEFORE THECOMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRSUNITED STATES SENATEHEARING ONPERSPECTIVES ON CHALLENGES IN THE PROPERTY INSURANCE MARKETAND THE IMPACT ON CONSUMERSSeptember 7, 2023PERSPECTIVES ON CHALLENGES IN THE PROPERTY INSURANCE MARKETAND THE IMPACT ON CONSUMERSChairman Brown, Ranking Member Scott and members of the Committee:Thank you for holding today’s hearing, titled “Perspectives on Challenges in the Property Insurance Market and the Impact on Consumers,” and for the invitation to testify. [12] In the past year, several insurance companies have announced that they will not write new California homeowners insurance. Homeowners PremiumThe impact of price controls on homeowners insurance rates can also be discerned in data on average homeowners insurance premium by state. [13] Steve Hallo, “More insurers exiting California’s home insurance market,” Insurance Journal, Aug. 16, 2023. https://www.propertycasualty360.com/2023/08/16/more-insurers-exiting-californias-insurance-market. [24] “What They Are Saying: Florida Property Insurance Reforms,” Florida Office of Insurance Regulation, May 24, 2022. https://floir.com/home/2022/05/24/what-they-are-saying-florida-property-insurance-reforms.

Source: Los Angeles Times September 07, 2023 17:08 UTC