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Disaster insurance: Insurance companies hike rates after extreme storms

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Officials say it could take weeks before power is restored to parts of the Texas coast that was hardest hit by Hurricane Beryl.

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. “If this grim forecast comes to fruition, it will likely buoy pricing for many lines of property-casualty insurance and reinsurance, providing certain underwriters' shares with a catalyst,” according to a research report from CFRA.

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