Many agencies confront preserving personal lines business as the market changes, particularly the homeowners' segment in areas affected by recent catastrophes. Best practices navigate the evolving market without harming a vital component of your agency's book of business.
No one likes a price increase, especially in a volatile economy. But according to the Insurance Information Institute (III), many consumers are likely to incur rising premiums as their policies renew. Bob Hartwig, III president, explained some of the factors behind the expected increases.
“The property-casualty industry has experienced 4 years in a row of significant catastrophic activity, even in the absence of hurricanes,” he said. “These include big increases in the number of tornadoes, thunderstorms and hail-related weather events, affecting a wide swath of the country and not just coastlines, which is what most Americans assume as the most dangerous places to live. Last year alone, we had about $35 billion in insured catastrophic losses, and only a small proportion occurred along coastal areas.”
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