A Colorado Department of Regulatory Agencies report found that carriers have been reducing their exposure in the Colorado market outside of the top five insurance companies. Through October 2022, 76% of carrier groups shrank their exposure in the state, and 32% of that group did so by more than 10%. (Credit: Robert Arthur Media/stock.adobe.com)
Home insurance premiums have been accelerating in Colorado due to the confluence of growing wildfire risks, inflation and a hardening reinsurance market, according to a report from the Colorado Department of Regulatory Agencies (DORA), which found the affordability and availability of home insurance could become challenged.
According to the report, home insurance carriers have had a tough stretch of years in Colorado, which has the fourth largest five-year direct loss ratio of all U.S. jurisdictions. The unfavorable loss ratios have been pushed on by significant wildfire activity, such as seen during the Marshall Fire. DORA explained that some of the state's most at-risk areas of wildfires are near densely populated areas, making large losses more likely.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
