"The industry has been unprofitable," said Karen Collins, Vice President of Property and Environmental at the American Property Casualty Insurance Association. "So we are seeing premiums having to increase across the entire U.S."
Insurance costs, especially in combination with other operational cost challenges, are posing an immediate financial - I would say existential - risk," she said.
"Those are the exact same things that are being cited as risk drivers," she said. "Things like greater density, things like infill, things like serving folks at the lowest incomes."
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