Seen at Insurance Journal:
Acknowledging the ongoing concern over coastal property insurance in his state, Connecticut Insurance Commissioner Thomas Sullivan maintained that the state’s coastal property insurance market is in pretty good shape with more than 100 insurers still writing in the state, even though the cost of coverage is high.
“We have a problem with affordability, not availability. Some increases are steep but we do have a competitive market,” he said, suggesting markets in neighboring New York and Massachusetts are much worse.
Of course, anyone who’s looked at a map and has some understanding of hurricane exposure would think that’s somewhat obvious.
After all, coastal Connecticut is “coastal” only to Long Island Sound, and is somewhat protected by being 50 miles away from open ocean. Long Island and Cape Cod are far more exposed than New Haven or New London.
