The New York State Department of Financial Services published Acting Superintendent Kaitlin Asrow’s statement for a New York State Senate hearing on the cost and availability of residential property insurance, framing the issue as a widening affordability and access challenge that requires regulatory and legislative coordination. The statement links current market instability to increasing frequency and severity of catastrophes associated with climate change, inflation-driven increases in repair and materials costs, a tightening reinsurance market, and “social inflation”. It also warns that when states fail to act quickly or strike the right balance, insurers may withdraw or not renew policies, reducing consumer choice and pushing up the cost of remaining coverage. Asrow said her first meeting after assuming the role focused on these issues and that DFS has been engaging on the topic over the past six weeks. DFS plans to work within its authority and partner with the Governor’s office, the Legislature, and other government counterparts on “sustainable solutions”, without setting out specific measures or timelines.
New York State Department of Financial Services 2025-11-18
New York State Department of Financial Services calls for balancing affordability and access in residential property insurance at Senate hearing
The New York State Department of Financial Services noted challenges in residential property insurance affordability and access due to climate change, inflation, and a tightening reinsurance market. Acting Superintendent Kaitlin Asrow stressed the need for regulatory and legislative coordination, warning of potential insurer withdrawal if states don't act promptly. DFS plans to work with the Governor’s office and Legislature on sustainable solutions, though specific measures or timelines were not detailed.