STATEMENT BY DFS ACTING SUPERINTENDENT KAITLIN ASROW AT THE NYS SENATE HEARING ON COST AND AVAILABILITY OF INSURANCE FOR RESIDENTIAL PROPERTY

The following information was released by the New York State Department of Financial Services (DFS):

Statement Ahead of Senate Standing Committees On Insurance; Housing, Construction, And Community Development; And Investigations And Government Operations

November 18, 2025

Good morning, Chairs Bailey, Kavanagh, and Skoufis; Ranking Members Helming, Martins, and O'Mara; and distinguished Members of the Senate Committees on Insurance; Housing, Construction, and Community Development; and Investigations and Government Operations.

My name is Kaitlin Asrow, and I serve as the Acting Superintendent of the New York State Department of Financial Services ("DFS"). Thank you for the opportunity to address you at today's hearing regarding the cost and availability of residential property insurance in New York. I also want to thank Governor Hochul for trusting me to lead DFS into its next chapter.

I appreciate, and share, Governor Hochul, and the Legislature's commitment to addressing affordability for all New Yorkers.

Across the nation, homeowners' insurance markets are facing extreme uncertainty and rising risks.

This is driven by a variety of factors: the increasing frequency and severity of catastrophes due to climate change, the rising costs of materials and repairs driven by inflation, a tightening reinsurance market, and the effects of social inflation. These pressures are not unique to any one state and are reshaping the residential property insurance landscape nationwide.

This broader volatility has made it difficult for states to protect their residents from rising costs while maintaining a healthy insurance market, which means access to sufficient insurance for this essential asset. We have seen the impact on policyholders when states fail to strike the right balance or act quickly enough to address market challenges: carriers withdraw, consumers lose access to coverage, and the cost of available coverage goes up further as fewer options remain in the market.

This topic is deeply personal to me. I grew up in a rural farming community in Northern California. Cedarville has a population of under 500, with a median household income of $50,000half the average household income of California more broadly. It is a place where neighbors rely on each other, and where a single event can affect the entire community.

I was recently there visiting family and heard the community phone tree. The residential insurer that most of the town used was not renewing policies. An insurer that no one knew had come in and was giving residents hours to sign contracts, at a huge rate increase, but it was their only option. My hometown, and much of California, is faced with both the disruption and fear of carriers leaving or non-renewing, and unbearable rate increases. We must find the balance between affordability and access here in New York, and I appreciate us coming together today to do that.

The first meeting I convened after I assumed this role focused on addressing the cost and availability of insurance in New York and, in the six weeks since then, I have had countless conversations about this topic. Myself, and the committed staff at DFS, will work within our authority to navigate these issues, and partner with all of you, and our wider government counterparts to find sustainable solutions to affordability and access for New Yorkers.