Insurance companies fared better than expected in 2023: MarketScout – Reinsurance News ...Middle East

According to recent analysis from MarketScout, the composite rate increase for personal lines insurance across the United States was plus 4.75% for Q4 2023. The analysis states that insurers made it through 2023 better than expected, with a composite rate increase of 4.61% when examining the full 2023 year. Richard Kerr, Chief Executive Officer, Novatae Risk Group, commented, “We continue to see the largest composite rate increases in homes over $1,000,000 in coverage A value, most likely because this includes all of the large homes in catastrophe-exposed locations. “While the composite rate for large homes was 5.9% for 2023, some homeowners in tough areas or with prior losses are experien

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