Insurance companies exit Iowa homeowners market due to severe storms, causing $21bn underwriting loss and 50% premium increase.
Insurance companies are exiting the Iowa homeowners market due to increased severe storms, like the 2020 derecho, and associated costs. This has resulted in a $21bn industry underwriting loss in 2021, causing premiums to rise by 50% for some. The trend of extreme weather, linked to climate change, is expected to worsen, potentially leaving Iowa residents underinsured.
May 18, 2024
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