#premium-increases

#premium-increases

Where it stands: Insurers are raising the monthly premiums they charge for marketplace coverage by an average of 26% across the country, according to an analysis from KFF. Virginia's marketplace started sending renewal notices to residents outlining premium increases between 4% and 40%. Colorado announced this week that the cost of 2026 coverage sold on the state's marketplace will double compared with this year. Pennsylvania said premiums will increase an average of 21.5% next year.

Homeowner loss ratios have increased from 75% in 2021 to 85% in 2023, with forecasted elevated ratios due to anticipated hurricane activity in 2024.

Motor liability claims were 30pc lower in 2023 compared to 2019. Despite lower awards and claim volumes, premiums are rising.