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Senate Budget Committee examines rising insurance non-renewal rates

The Committee focused on non-renewal data in response to climbing rates, which could signal market instability.

By Brittney Meredith-Miller | December 23, 2024 at 02:26 PM
The nonrenewal data gathered in the Committee’s investigation confirmed a correlation between rising nonrenewal rates and rising insurance premiums. (Credit: Brazhyk/Adobe Stock)

In early 2023, the Senate Budget Committee began a series of hearings to examine the risks climate change poses to the insurance, mortgage and property markets in coastal regions and areas at elevated exposure to wildfire.

In a report released earlier this month, the Committee states it launched an investigation into homeowners insurance market conditions across the U.S. in November 2023 in an attempt to understand the scope of problems facing the industry. The Committee focused on non-renewal data in response to climbing non-renewal rates, which have historically been an early warning sign that the market is destabilized.

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