Hurricane Ian to Further Restrict Florida Capacity
The US Personal Lines composite rate moved up 4.58% as compared to the same time period last year.
“High value homes are experiencing more aggressive rate increases,” noted Richard Kerr, CEO of MarketScout. “This is largely because, on a composite national basis, more high value homes are located in catastrophe prone areas of the US which naturally are assessed higher rates.”
“Hurricane Ian is going to be a huge loss for insurers covering properties in Florida. Excluding coverage for flood and storm surge, estimates are from $25 to $45 billion. Including flood claims, the total will most likely surpass $100 billion. Rates will be up dramatically in Florida for the foreseeable future.”
Automobile rates were up slightly from the prior quarter. Personal article rates moderated slightly from the second to third 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 third quarter 2022 personal lines rates is set forth below. |
| Personal Lines | |
| Homeowners under $1,000,000 value | Up 4% |
| Homeowners over $1,000,000 value | Up 6% |
| Automobile | Up 4.3% |
| Automobile | Up 4% |
Source: MarketScout
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