Maryland court sides with Allstate’s decision to not write new policies for coastal properties

Maryland’s highest court has sided with Allstate this week in a case regarding the insurer’s move to stop writing new homeowners policies in coastal regions. The case emerged in 2007 when the insurer chose to step away from the coastal market due to the potential for natural disasters. The insurer’s move was spurred by a catastrophe model that suggested that losses in these regions as a result to hurricanes or other storms could be gargantuan. The Maryland Court of Appeals chose to uphold the rulings of lower courts, agreeing that…

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