Connecticut insurance experts say the state remains a competitive market for homeowner coverage despite the industry pulling back in some parts of the country, including California and Florida.
Climate change has dramatically increased property losses across the country, but Connecticut is faring better, said Eric Nelson, head of catastrophic risk management at Travelers Insurance.
“We are facing a difficult time in the homeowners’ market in some states. But I want to stress this, the property insurance market in Connecticut is strong, healthy and stable,” Nelson said.
There's a need to reinforce existing buildings because there’s not much land for new construction in the state, said Ross Fisher of The Hartford.
“By hardening properties and having disaster plans in place, consumers put themselves in the best position to weather the storms that will eventually come,” Fisher said.
Gov. Ned Lamont convened the experts to discuss the future of causality and property insurance in Connecticut.
The state is seeking advice on how to best spend some of its climate change mitigation dollars.
