Insurers raise rates due to increasing storm frequency, benefiting property & casualty insurers like Allstate and Progressive.
Insurers raise rates in response to growing frequency and intensity of destructive storms like Hurricane Beryl, which could result in profits for property & casualty insurers like Allstate and Progressive. Investors have bid up shares in the sector by 19%, outpacing the S&P 500's 17% gain. Swiss RE predicts a 9.5% return on equity growth for the sector in 2024.
July 14, 2024
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