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The first quarter growth is a sign of things to come, as MarketScout projects further increases.

During 2020, the sector's combined ratio improved year on year, moving from 109.3 in 2019 to 101.8.

During Q4 2021, umbrella/excess lines saw the highest rate growth, increasing 11%, according to MarketScout.

The average annual cost of home insurance is $1,312, or about $109 monthly, for a policy with $250K in dwelling coverage.

The U.S. auto market is heavily concentrated with 10 large companies accounting for around 72% of the market.

States facing more risks from wind and wildfire damage saw rates grow 25% and higher in certain circumstances during the quarter.

One way agents and brokers can showcase their value is by educating clients on the ongoing drivers of rising rates.

Increasing demand for insurance, government regulations and growing competition are anticipated to spur future growth.