Property-and-casualty insurance is a two-sided bet: carriers price risk to policyholders, then buy their own insurance — reinsurance — to survive the tail. Since 2023, global reinsurance rates have reset sharply higher after years of catastrophe losses, and reinsurers pushed through tighter terms and higher attachment points at the January and mid-year renewals. That repricing is a global, market-wide input cost. But the output price — what a carrier can charge policyholders — is capped state by state, and several state insurance departments (California, Louisiana, Florida among them) have slow-walked or rejected rate filings even as reinsurance and rebuild costs climbed. The result is a margin vise: input costs set in a global market, output prices frozen in a state capitol. National carriers can route around it. Regional, single-state carriers cannot.