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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jul 07, 2024
Page
4
Travelers Insurance dropped Nice to renew his Moffit cottage policy after aerials showed branches obscuring the roof. Nice spent 4000 to clear space, but insurers, facing climate driven losses, pulled coverage across Iowa. The Iowas insurance chief links the hard market to recent derecho losses and widespread weather disasters.
Moody's notes more than 90 percent of the country faced double digit rate hikes from 2019 to 2024 amid soaring catastrophe losses. Insurers paid out more in claims than earned in premiums 2014 2023, with weather events, inflation and higher rebuilding costs driving losses. In Iowa, 2020 2022 were tough years, derecho and severe storms spurred losses, leading to insurer exits and new state reinsurance rules.
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