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Survey Report

Insurance Marketplace Realities 2024 – Personal lines

November 9, 2023

Market conditions continue to deteriorate for personal lines clients. Recent storms have exasperated an already stressed market fleeing from years of persistent high loss ratios.
Personal Lines Insurance
Rate predictions: Personal lines
Trend Range
Homes under $1,000,000 Increase, (Purple arrows pointing up) +10% to +14%
Homes over $1,000,000 Increase, (Purple arrows pointing up) +14% to +18%
Cat-exposed Increase, (Purple arrows pointing up) +20% to +50% w/ restrictions and/or non-renewal
Cat-exposed and/or losses Increase, (Purple arrows pointing up) +50% or non-renewal
Auto Increase, (Purple arrows pointing up) +15% to +20%
Chart showing number of monthly homeowner's rate filings across the U.S.
Figure 1: Homeowners — weighted average rate change by month
Chart showing monthly weighted average rate change for auto insurance and the six month-rolling average.
Figure 2: Personal auto — weighted average rate change by month

Auto rate increases show no sign of slowing down.

  • Motor vehicle insurance prices in July increased 17.8% year-on-year, accelerating from 16.9% in June (CPI).
  • Loss cost trends remain stubbornly high due to elevated costs in labor, materials and used cars.
  • Auto manufactures are ramping up production, which should bring some relief on the horizon.

Home insurers have taken a defensive position due to extreme weather conditions.

  • Major insurers have officially exited several states while simultaneously re-underwriting their exposure across the country.
  • Clients are growing accustomed to retaining higher deductibles and limiting claims to lower their premium spend.
  • Preventative measures, such as installing automatic water shut off devices and maintaining brush clearance, are no longer optional.

High limits of excess liability become elusive.

  • Umbrella/excess liability policies have experienced double-digit rate increases for many years.
  • Several carriers have pulled back support for higher limits of liability due to nuclear verdicts along with higher costs of litigation.
  • Clients are faced with strict underwriting guidelines often finding themselves with limited options.


Willis Towers Watson hopes you found the general information provided in this publication informative and helpful. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal advisors. In the event you would like more information regarding your insurance coverage, please do not hesitate to reach out to us. In North America, Willis Towers Watson offers insurance products through licensed entities, including Willis Towers Watson Northeast, Inc. (in the United States) and Willis Canada Inc. (in Canada).


Head of North America Personal Lines

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