The prices of home insurance contracts are expected to have a significant increase in 2024, for several reasons:
- Claims experience has proven to be adverse over the last years. As an illustration, Climatic events grew by +28% in 2022. Consequently, significant rate increases in 2024 are expected, especially for homes located in areas with a high climatic risk.
- A material risk within home insurance market has been raising over the last years: the RGA i.e. a Shrink-Swell of Clayey Soils claims following drought. The claims experience is expected to continue increasing and will keep pressure on home insurance premiums.
- The inflation risk will continue in 2024 despite the deceleration compared to 2022.
Market players anticipate rate increases for home insurance between 5% and 8% in 2024. These average increases will likely vary significantly from one place to another, especially depending on climatic risk.
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