S&P Global: Rising insurance costs and affordability issues could weigh on some U.S. Governments’ Creditworthiness
Nov 01, 2024
With economic losses from Hurricanes Helene and Milton estimated to exceed $60 billion, homeowners' insurance premiums are expected to continue rising in many U.S. regions, S&P Global Ratings said in "Rising Insurance Costs And Mounting Affordability Challenges Could Weigh On Some U.S. Governments' Creditworthiness," published today on RatingsDirect.
When higher insurance premiums compound existing housing affordability problems, it can affect location and purchase decisions for homebuyers and employers. If these conditions persist, it could lead to lower taxable property values, affecting local U.S. government revenues and long-term growth.
"Playing catch-up to replace losses keeps governments from pursuing new economic growth and can affect long-term financial stability," said S&P Global Ratings credit analyst Sarah Sullivant.
This report does not constitute a rating action.
The report is available to RatingsDirect subscribers at www.capitaliq.com. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by sending an e-mail to [email protected]. Ratings information can also be found on S&P Global Ratings' public website by using the Ratings search box at www.spglobal.com/ratings.
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