MarketScout Us property and casualty insurance survey Q3 2024
The MarketScout Barometer surveys are available here.
The Q3 2024 Market Barometer index for property/casualty and personal insurance reports the following:-
Property and casualty: "The commercial insurance sector saw a composite rate increase of 3.8% in the third quarter of 2024. While insurers anticipated significant impacts from Hurricane Helene, most of the damage appears to be flood-related, with many insureds choosing not to purchase flood coverage. Though industry losses are expected to reach in excess of 10 billion dollars, the overall impact on insurers could have been far worse."
Premium trends during Q3 as pictured below
Personal Lines: "The personal lines composite rate has increased by 6.75% in the third quarter of 2024, signaling a slight moderation compared to the previous quarter’s figures. However, the full impact of recent catastrophic events, such as Hurricane Helene, has yet to be reflected, and with Hurricane Milton poised to make landfall, further rate hikes are anticipated."
We await the next quarter's Barometer survey post Milton.