{"id":5778,"date":"2023-10-04T14:04:55","date_gmt":"2023-10-04T19:04:55","guid":{"rendered":"https:\/\/www.bbrown.com\/?post_type=insight&p=5778"},"modified":"2024-02-28T13:59:32","modified_gmt":"2024-02-28T19:59:32","slug":"personal-insurance-market-trends-quarter-4-2023","status":"publish","type":"insight","link":"https:\/\/www.bbrown.com\/us\/insight\/personal-insurance-market-trends-quarter-4-2023\/","title":{"rendered":"Personal Insurance Market Trends | Quarter 4 2023"},"content":{"rendered":"

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Personal Insurance<\/p>\n

\n Personal Insurance Market Trends | Quarter 4 2023\n <\/h1>\n\t\n <\/div>\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n\t\n[\/vc_column][\/vc_row][vc_row][vc_column width=”2\/3″]\n
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\n Personal Insurance Market Trends | Quarter 4 2023\n <\/h1>\n\t\n <\/div>[vc_column_text]Inflation, marketplace fluctuations, weather trends, interests and other factors have impacted individuals and families this quarter. Continue reading our Q4 Personal Insurance Market Trends Report to dive deeper into these topics.<\/p>\n

Weather<\/h3>\n

Future projected risk data shows that the southeastern portion of the United States is more susceptible to total damage losses. The data provides a mapping tool to help visualize where homeowners are more likely to be affected by weather hazards. With this information, proactive measures must be taken in the reddened areas to mitigate possible damages before weather fluctuations occur. These include coverages such as wind and flood.1<\/sup><\/p>\n

Between 2008 and 2022, there has been an increase in billion-dollar disasters caused by severe weather. In 2008, there were six severe storms and one major flood. This contrasts significantly with the eighteen severe storms and two major floods by 2023 alone. By the end of Q3, 23 separate billion-dollar weather and climate disasters occurred. To provide a reference point, the estimated disaster cost for 2022 was $23.9B. This year, the estimation has already reached $50.3B, a $26.4B increase. This 2023 estimate still does not include the damage costs for Hurricane Idalia. The estimated total cost of damages over the last seven years exceeds $1T.2<\/sup><\/p>\n

Roughly 75% of federal disasters are flood-related.3 <\/sup>Based on this data, homeowners should prepare as much as they can to help prevent possible losses. Personal Insurance reviews are beneficial and you should work with your broker to help protect what is most important and valuable to you.<\/p>\n

Replacement Costs<\/h3>\n

Throughout the past few years, building costs have significantly increased. In 2022, we saw the following increases in materials:<\/p>\n