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But automotive repair costs are likely to increase faster than home repair. -
The LA wildfires, however, will be the firm’s largest event to date.
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Secondary perils are no longer so secondary, but the losses are already priced in for commercial property.
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Growing economic and population exposures are driving potentially larger insured losses.
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The company will continue to deploy additional limit in property cat through mid-year, the firm’s CUO added.
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Severe weather in March drove monthly and Q1 losses to historic highs.
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Imported goods account for 30%-50%+ of materials used for HNW homes, versus 15%-25% in standard houses.
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SCS losses were also above average in Q1 due to “lingering” La Niña conditions.
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Insured losses were the second highest on record for the first quarter.
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The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
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The insurer achieved an 86.4% acceptance rate of the policies selected.
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After seven years of premium rate growth, rates are down 5% to 40% across the US.
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