Insurers have responded to tough economic conditions by raising rates, tightening terms and shedding underperforming business. (Credit: pla2na/Adobe Stock)
Despite the fact that homeowners' insurance rates in the U.S. increased an average of 23% in 2023, according to Bankrate, the credit rating firm Moody's is reporting that carrier profit margins are down, prompting many insurers to launch profit-boosting strategies in the face of increased costs.
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
