Hurricane Season Worries Homeowners Insurers
Across the United States, the composite personal lines rate from the fourth quarter 2023 to the first quarter of 2024 held steady at plus 4.75%.
“Personal lines insurance rates continue to increase. Insurers are carefully watching as forecasters expect an active hurricane season in 2024. This certainly doesn’t make underwriters want to reduce rates any time soon.” says Richard Kerr, CEO of Novatae Risk Group. “Also, capacity for some major insurers has been greatly restricted in CAT-prone areas while other insurers have been downgraded or left CAT areas altogether. This activity will result in higher homeowners rates next quarter.”
The National Alliance for Insurance Education and Research conducted pricing surveys used in MarketScout’s analysis of market conditions. These surveys help to further corroborate MarketScout’s actual findings, mathematically driven by new and renewal placements across the United States.
A summary of the first quarter 2024 personal lines rates is set forth below.
| Personal Lines | |
| Homeowners under $1,000,000 value | Up 4.7% |
| Homeowners over $1,000,000 value | Up 5.3% |
| Automobile | Up 5.3% |
| Personal Articles | Up 3.7% |
Source: MarketScout, a Division of Novatae Risk Group
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