Distributive Property: Increased In 2023 Now

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10. The cost of property insurance increased in 2023

Distributive Property: Increased In 2023 Now

Distributive PropertyAssociative Property Seminole County Property Appraiser
Distributive Property Associative Property Seminole County Property Appraiser

 

Commercial property insurers led the price increase that persisted in 2023 for the majority of major insurance coverage lines, which started in 2018.

Property rates increased sharply in the first few months of the year, according to the Council of Insurance Agents & Brokers’ closely watched quarterly pricing reports.

Although increases slowed down a little bit as the year went on, buyers still saw price increases that were significantly higher than inflation.

The 10th-most-read article on risk management on the Business Insurance website in 2023 described adjustments made to first-quarter insurance rates.

In the first quarter, there was a 20% increase in commercial property premiums, an 8.5% increase in umbrella liability rates, an 8.3% increase in commercial auto rates, and a general liability rate increase. 4.6%, and the Council reports a minor decline in workers’ compensation rates.

As of January 1, 2023, the rates for property reinsurance had increased significantly for the property insurers themselves.

Through the third quarter, primary property rates kept rising.

Distributive PropertyAssociative Property Seminole County Property Appraiser
Distributive Property Associative Property Seminole County Property Appraiser

 

In 2024, more rate increases are anticipated, including increases in the cost of property insurance. Rate increases may also be seen in liability lines.

However, if inflation moderates in 2024, some of the rate hikes may eventually be mitigated, per one report. Additionally, primary insurers may benefit from more moderate property increases at year-end reinsurance renewals.

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