Chief Financial Officer Jeff Atwater sent another letter to Insurance Commissioner Kevin McCarty on Tuesday asking why property insurance rates haven’t dropped along with reinsurance costs.
“Year after year, insurance companies have been telling their customers and the Legislature that the ‘simple’ explanation for the higher rates they are charging was due to reinsurance costs going up,” Atwater’s letter states. "Furthermore, they made representations that if reinsurance rates were to fall they would pass those savings along to their customers. But now that insurance companies are experiencing a significant decrease in the cost of their reinsurance, they are not lowering rates for consumers."
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