MT HJ61

Requests the Legislative Council to designate an interim committee to study Montana's property insurance market, with findings due to the 70th Legislature by September 15, 2026

Montana had the fifth-fastest insurance rate increase nationally in 2024, with cumulative increases of 44.3% from 2019 to 2024 and rates increasing twice as fast as the national average in 5 of the past 10 years

Montana ranks second-highest in the nation for catastrophic wildfire risk, with 2,388 wildfires burning 387,966 acres in 2024 and the number of homes in high-risk areas doubling since 1990

Study must evaluate causes of increasing property insurance costs, determine their impact on rates, and analyze policy strategies to stabilize the market and improve affordability

Median residential property values increased 32% in 2023, while insurers have reported losses in 3 of the past 5 years and reinsurance costs increased up to 50% at January 2024 renewals