Insurance plan premiums

Jonathan Todd, partner at Benesch Law and Phil Nester, senior managing associate at Benesch Law shared responses on how current and proposed tariffs could impact the insurance industry.

Several factors are contributing to rising insurance premiums for homeowners.

The latest Insurance Personal Lines Trends and Perspectives Report from TransUnion.

The North Carolina Rate Bureau, representing home insurers, settled for two 7.5% increases this year and next, after originally seeking a 42% rate increase. NCRB says the settlement just postpones the need for higher rates to accurately cover risks, while the insurance commissioner calls it "a big win" for homeowners.

New York Governor Kathy Hochul proposed measures to stabilize the city's taxi and rideshare insurance industry, which is reeling from the insolvency of its largest provider American Transit Insurance Co.

Seven out of the 12 biggest home insurers have limited their coverage in California over the past two years; increased fire risk driven by climate change is part of the reason.

In 2023, the average premium jumped about 20% on average, according to the Insurance Information Institute.

To improve future performance the industry must sharpen its ability to successfully navigate trends.

Tips for agents as they help consumers navigate the current landscape.

The quest for money-saving alternatives reflects a rapid run-up in insurance premiums in recent years, driven partly by the rising cost of car parts and repairs.