July 27, 2022
Home and auto insurance rates are increasing rapidly across the country, and it's not just in states that are prone to catastrophic weather events or a result of the same. In this white paper, we discuss some of the key factors that are driving the rates up now and will continue to have an impact in the future.
These key factors include:
- Claim frequency and severity continue to increase year over year.
- Current economic factors such as supply chain disruptions, inflation, and labor shortages.
- Technology advancements that drive up replacement costs and total claim payouts.
- Ideas to offset premium increases such as mitigation techniques and potential credits/discounts