Saint Paul, Minn. — The Travelers Cos. Inc., Nationwide Mutual Insurance Co. and two national insurance agent and broker organizations announced support of a comprehensive, private-market approach to improve the affordability and availability of coastal wind storm insurance for homeowners. Federal legislation would be required to enact the outlined concept.
The latest advancements in technology have helped make this solution possible. Continued improvements in technology devoted to measure and predict winds, as well as actuarial efforts that enable insurers to more efficiently work with data, among other advancements, helped pave the way for this proposal.
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