New York–New York state insurance regulators questioned Allstate's motives today for dropping business in the New York metro area, asking if the company's plans had more to do with its push for a national catastrophe fund than lowering its risk exposure.
Executives from Allstate spent close to an hour defending the company's decision not to renew or write new home insurance business in New York City, the northern suburb of Westchester County and Long Island.
The group faced skepticism from a panel led by New York Insurance Superintendent Howard Mills, who called a public hearing on the state of the New York's homeowners market.
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