Revision: Nov. 7, 2025, 10:30 a.m.
HB 1056 - AS INTRODUCED
2026 SESSION
26-2570.0
05/09
HOUSE BILL 1056
SPONSORS: Rep. Spier, Hills. 6; Rep. Burroughs, Carr. 2; Rep. Caplan, Merr. 8; Rep. Cloutier, Sull. 6; Rep. Ebel, Merr. 7; Rep. Haskins, Rock. 11; Rep. H. Howard, Straf. 4; Rep. Vail, Hills. 6
COMMITTEE: Commerce and Consumer Affairs
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ANALYSIS
This bill establishes a commission to study the impact of extreme weather on the reinsurance market and its effect on cost and availability of property insurance in New Hampshire.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
26-2570.0
05/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty-Six
Be it Enacted by the Senate and House of Representatives in General Court convened:
I. The reasonable cost and availability of insurance for residential and commercial buildings and structures is essential to the health of New Hampshire’s economy, including the ability of residents and businesses to finance the purchase of property and to recover from losses, including losses caused by fire, flooding, hurricanes, and other extreme weather events.
II. New Hampshire currently has hundreds of licensed national insurance carriers and smaller regional or specialty insurers that are approved to sell property-related coverage. The resulting competition serves to put downward pressure on premium costs. However, carriers count on lowering their risks and maintaining reasonable premiums by purchasing reinsurance. Reinsurance is a critical risk management tool that keeps the insurance market functioning smoothly — especially when catastrophic events like hurricanes, wildfires, or earthquakes could otherwise overwhelm a single company’s balance sheet.
III. In recent years, the cost of reinsurance has contributed significantly to upward pressure on insurance rates. Reinsurance pricing is influenced by loss patterns arising from extreme weather events both nationally and globally, such as hurricanes, wildfires, and flooding. Reinsurers manage risks from numerous insurers across various regions, distributing exposure geographically. For instance, following the California wildfires, reinsurers incurred substantial payouts to cover property insurance claims. Significant capital depletion from major events—such as the $40 billion losses in California—results in the repricing of risk portfolios on a nationwide basis. Property insurers in New Hampshire, particularly those exposed to coastal storms and winter hazards, experienced higher reinsurance renewal rates in mid-2025, reflecting constrained global capacity driven in part by losses sustained in California. Specifically, New Hampshire insurers with portfolios heavily weighted toward winter storm exposure and material 2023-2024 losses saw reinsurance renewal rate increases of approximately 15–20 percent in mid-2025. As reinsurance costs rise, the increases are typically passed on to policyholders through higher property insurance premiums.
IV. As indicated, the average cost of real property insurance has increased by approximately 20 percent, with future annual increases anticipated to occur. The increasing cost of insurance is a growing cost borne by homeowners and businesses and exacerbates the state’s housing crisis.
2 New Subdivision; Commission to Study the Impacts of Reinsurance on the Cost and Availability of Property Insurance in New Hampshire. Amend RSA 400-A by inserting after section 68 the following new subdivision:
Commission to Study the Impacts of Reinsurance on the Cost and Availability of Property Insurance in New Hampshire
400-A:69 Commission to Study the Impacts of Reinsurance on the Cost and Availability of Property Insurance in New Hampshire.
I. There is hereby established a commission to study the impact of extreme weather on the reinsurance market and its effect on the cost and availability of property insurance in New Hampshire.
II. The members of the commission shall be as follows:
(a) Four members of the house of representatives, appointed by the speaker of the house of representatives, in consultation with the minority leader.
(b) Two members of the senate, appointed by the president of the senate, in consultation with the minority leader.
(c) The commissioner of the department of insurance, or designee.
(d) Two representatives from the insurance industry, one representing large carriers and one representing small local carriers, appointed by the governor.
III. Legislative members of the commission shall receive mileage at the legislative rate when attending to the duties of the commission.
IV. The commission shall study:
(a) The effect of past extreme weather events occurring globally on reinsurance rates, and its relationship to the cost of insurance in New Hampshire.
(b) The manner and extent to which future extreme weather events are considered for purposes of establishing reinsurance rates for the insurance of residential and commercial buildings and structures in New Hampshire.
(c) A process for providing visibility into the reinsurance costs to the insurance carriers operating in New Hampshire.
(d) The availability of reinsurance to small local carriers in New Hampshire and the economic impact to government, taxpayers, and the state that would result in the event of reinsurers experiencing insolvency or no longer providing reinsurance.
V. The members of the study commission shall elect a chairperson from among the members. The first meeting of the commission shall be called by the first-named house member. The first meeting of the commission shall be held within 45 days of the effective date of this section. Four members of the commission shall constitute a quorum.
VI. The commission shall report its findings and any recommendations for proposed legislation and rulemaking to the speaker of the house of representatives, the president of the senate, the house clerk, the senate clerk, the governor, the insurance commissioner, and the state library on or before November 1, 2026.
3 Repeal. RSA 400-A:69, and the subdivision heading preceding it, relative to the commission to study the impacts of reinsurance on the cost and availability of property insurance in New Hampshire, is repealed.
I. Section 3 of this act shall take effect November 1, 2026.
II. The remainder of this act shall take effect upon its passage.