A lot of people can predict this and that but the complete honest truth is …. the home and auto insurance market will be as good as the next storm, fire, or theft our region faces. And who knows when or where any of that will happen????!!!!
Generally speaking, however, those who look at trends in rates and coverages are speaking up.
A report by Fitch Ratings suggests that the US property and casualty insurance industry is expected to improve in 2024, fueled by better personal auto performance as rate increases take hold and claims severity trends moderate, and growth in investment income from higher yields. However, the market combined ratio is projected at slightly over 100% for 20242. The industry hopes for 80 to 90%.
On the other hand, a report by Insurance Store highlights that 2024 is witnessing a rise in insurance costs. Factors such as the rebound in claims post-Covid and multiple contributing elements are driving this surge. Yet, amidst these changes, seeking guidance from us – your local insurance agency and staying informed are essential strategies to navigate this period of escalating insurance costs.
We will continue to hope for better weather including fewer or no tornados, minimal straight-line wind claims as well as water losses. The challenge all of us, as insureds find, is while it is great to have insurance and to have claims paid, we will be suggesting that our insured pay close attention to the size of the potential claim. The question always arises: “Is it better to file a claim where the insurance company pays less than $1000 after the insured’s deductible?” It is our job to appropriately advise our people which we do almost daily regarding the best strategy before filing a claim. That decision can have a very meaningful impact not only on that insured’s future premiums but on this total regional marketplace.
We take our job seriously because there is so much more to all of this than selling insurance. We walk with our people to help them make informed decisions on what is best for them in premiums and claims. Since we are an INDEPENDENT insurance agency, we have OPTIONS and give our customers CHOICES of companies and premiums.
So, here we go! 2024 is underway and as always, we are ready to “earn” your insurance business. TEXT or CALL us at 615.377.1212, EMAIL us at info@BentonWhite.com or visit our website for a wealth of helpful education and information. WE CAN BE REACHED and we WANT TO BE!
Happy New Year! We wish nothing but the best for you and those around you during 2024! Thank you for letting us walk with you in insurance!
