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What Agents Should Know About Tariffs and Insurance Costs

American Agents Alliance

The global economy is increasingly interconnected, and even in industries like insurance, global issues like supply chain challenges, tariffs, and trade agreements can have significant impacts. While the relationship between tariffs and insurance costs can seem unrelated, tariffs can increase costs for insurers and policyholders.

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Why Your Home Insurance Premium Increased by 20% – Even If Only Your Neighbor’s House Burned Down 

Agency Height

Here’s the straight truth: insurance is not just about your home; it’s about the risk profile of your entire area. When an insurer assesses your premium, they evaluate you as an individual policyholder and the broader environment around you —especially your ZIP code or even block.

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Emerging Property Insurance Trends 2024

Property Insurance Centre

With higher rates and greater net participations, primary insurers face challenges in balancing affordability for policyholders while maintaining the necessary coverage to protect against risks. By relying on more accurate valuations, insurers can better assess the true value of the property and tailor coverage accordingly.

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The Pressures of Operational Optimization

Majesco

US commercial Property and Casualty insurers have obtained incredibly high results in avoiding water, non-weather losses, using IoT solutions for risk prevention. I hope in the next 12-18 months, carriers will start extending these programs into larger parts of their portfolios. Here is a positive trend, for example.