News Formal

Disaster insurance: Insurance companies hike rates after extreme storms

  • 📰 KENS5
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 51%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

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.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 608. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Disaster insurance: Insurance companies hike rates after extreme stormsOfficials say it could take weeks before power is restored to parts of the Texas coast that was hardest hit by Hurricane Beryl.
Källa: 12News - 🏆 586. / 51 Läs mer »

Florida’s state-created property insurance company voted to raise homeowners insurance rates by 14%Citizen's Property Insurance wants close to the maximum rate increase for Florida residents starting next year.
Källa: FoxBusiness - 🏆 458. / 53 Läs mer »