Allstate has postponed its decision to stop offering new coverage in Maryland's coastal markets at the request of state lawmakers.
Deborah Pickford, a spokesperson for the company, said Allstate is delaying action “at the request of the state legislature to provide them with more information and background on our decision-making, which we have done.”
Allstate decided last year to stop offering new property policies in either all or part of Maryland's 11 counties bordering the Atlantic Ocean, the Chesapeake Bay or its tributaries. Allstate said the move was a necessary reaction to increased exposure to natural catastrophes.
The announcement of that plan drew the attention of officials in the Maryland Insurance Administration, the People's Insurance Counsel and lawmakers who introduced legislation that would block the move.
The state Senate Finance Committee held a hearing on the legislation yesterday, and Ms. Pickford said the outcome for the legislation remains unclear. She also said she did not know when Allstate would resume its plans.
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