Insurers raise rates due to increasing extreme storms, benefiting property and casualty insurers.
Insurers raise rates amid rising frequency and intensity of extreme storms like Hurricane Beryl, which caused power outages for 3 million homes and businesses in Texas. This trend could lead to significant profits for property and casualty insurers like Allstate and Progressive. Swiss RE forecasts the insurance sector's return on equity, a key profit indicator, to grow 9.5% in 2024, up from 3.4% in the previous year.
July 11, 2024
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