Allstate Corp., one of Maryland's largest insurers, will stop writing homeowners' policies in coastal areas of the state, citing warnings by scientists that a warmer Atlantic Ocean will lead to more strong hurricanes hitting the Northeast.
The company will no longer offer new property insurance beginning in February in all or part of 11 counties mostly along the Chesapeake Bay and its tributaries. Existing customers won't be affected; a spokeswoman said Allstate intends to renew those policies even in coastal areas. It will continue to write new policies in Baltimore and Baltimore County.
"We have been looking at hurricane and storm projections, and we're going to see a lot more severe storms further north on the coastline," said Allstate spokeswoman Debbie Pickford. "We are working to minimize our risk."
This is the market at work - you know, the free market that the conservatives worship. How are they going to explain this away?
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