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Property insurance shopping seeing sharp rise

Low interest rates, remote work and the ‘race for space’ are major market drivers.

“Based on our latest data, we expect that positive year-over-year trends will continue for personal lines insurance shopping as the economy continues to emerge from the pandemic,” said Mark McElroy, of TransUnion. (Credit: Shutterstock.com) “Based on our latest data, we expect that positive year-over-year trends will continue for personal lines insurance shopping as the economy continues to emerge from the pandemic,” said Mark McElroy of TransUnion. (Credit: Shutterstock.com)

Shopping for personal property insurance surged during the past year, a trend that has continued into 2021, according to TransUnion, which noted that for the week of March 28, 2021, property insurance shopping increased 24.6% compared with the year prior.

Although lockdown measures that went into place during March 2020 influenced the results some, TransUnion noted the jump in March was not the only, or largest, year-on-year gain seen during 2021. During the week of January 3, 2021, the market saw a 26% increase.

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Steve Hallo

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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