Inflation—both economic and social—continues to contribute to premium increases in the P&C insurance market, and rising reinsurance costs due to severe weather events have led to higher property costs. Woodruff Sawyer, however, does not expect significant rate increases in 2024—most buyers should see single-digit percentage increases, similar to what they saw in 2023.
Tag: weather events
Weather Disasters in U.S. Dominate Losses in 2021
In 2021, natural disasters caused overall losses of $280 billion, of which roughly $120 billion were insured. Alongside 2005 and 2011, the year 2021 proved to be the second-costliest ever for the insurance sector (record year 2017: $146bn, inflation-adjusted) – overall losses from natural disasters were the fourth-highest to date (record year 2011: $355bn) Hurricane… Continue reading Weather Disasters in U.S. Dominate Losses in 2021