NEW YORK (AP) — Destructive storms like Hurricane Beryl that knocked out power to 3 million homes and businesses in Texas are growing more frequent and...
NEW YORK — Destructive storms like Hurricane Beryl that knocked out power to 3 million homes and businesses in Texas are growing more frequent and intense, and insurers are jacking up rates in response.
Effective rates for homeowner insurance surged by double digits for most insurance companies in 2023, according to S&P Global. Progressive's rates rose 10.4% in 2023, compared with just a 2.9% rise in 2022. Allstate's rates jumped 10.2%, up from 4.3% in 2022.The U.S. experienced 28 separate billion-dollar weather and climate disasters in 2023, the most ever, according to the National Oceanic and Atmospheric Administration. That surpassed 22 such events in 2020.
The industry has been raising premiums for about six years now, CFRA said. Cumulative rate increases over the years have compounded pressure on homeowners. Premiums for property and casualty insurance are now at their highest levels in more than two decades, according to the U.S. government data from the producer price index.
Analysts expect Travelers to report a 36% jump in 2024 earnings per share following a modest gain in 2023. Allstate's profit is expected to skyrocket compared to weak growth in 2023 as it moves past the big cost impact from Hurricane Ian.These two Canadian banks are climbing, but still have so much more room to run.
Hurricane Beryl CFRA Destructive Storms Casualty Insurers Hurricane Katrina Effective Rates Property Insurers
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