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insurance increase 2024
After the events of 2023, unfortunately, insurance companies increased the premium and some were heavily affected. That’s who.
I insurance premiums are experiencing further increases, leaving many people facing unexpected and unwarranted financial burdens. 2023 has proven to be a watershed year for the insurance industry, with a series of events that have shaken the foundations of the market and burdened the financial future of many citizens.
Unfortunately, this scenario was reflected in an inevitable increase in insurance premiums during 2024. Insurance companies, due to past events, found it necessary to review their rates, imposing additional burdens on consumers.
Young drivers, already subject to high insurance premiums due to their lack of driving experience, they are now faced with a further increase in costs. Additionally, the past year has witnessed unprecedented climate events, from devastating wildfires to catastrophic floods.
The two things are closely linked, as the events of 2023 have left an indelible imprint on the insurance industryleading to an inevitable increase in premiums in 2024.
Car and bad weather insurance: rate increase in 2024
The combination of insurance and bad weather becomes increasingly evident in 2024, with prospects of significant increases in car and property liability policies. The increasing incidence of extreme weather events, such as stormy winds, violent hailstorms and heavy rains, has pushed insurance companies to revise rates upwards to protect their interests. This scenario implies an increase of 10% – 15% for the coverage of damages caused by severe weather events on properties during the current year.
The increase in car liability insurance rates in 2024 it is not only the result of the increasing frequency of extreme weather phenomena, but is also fueled by inflation and the ever-increasing costs of spare parts. Protection against hail risk is just one of the factors that has pushed insurance companies to revise car insurance premiums upwards. In the fourth quarter of 2023, car insurance rates increased by 7.9% in nominal terms and 7.3% in real terms. The average cost of car insurance was 391 euros in the last quarter of 2023. IVASS reported these figures to the Price Guarantor, underlining the need for a reorganization of the national insurance system to guarantee efficiency and sustainability to the sector, while protecting citizens and businesses.
insurance increase 2024
10% increase in real estate insurance premiums in 2024
The situation is different for buildings insurance policies, where the increasing frequency of extreme weather events has led to multimillion-dollar payouts from insurance companies for damage to buildings. In regions such as Lombardy and Emilia Romagna, the companies have compensated considerable sums to their customers. Faced with this scenario, some companies are also refusing bad weather coverage on properties to avoid large refunds.
The increase in rates on real estate policies is estimated between 10% and 15% in 2024. The need to adapt the national insurance sector to face the challenges posed by climate change was highlighted by Minister Adolfo Urso, who underlines the need to guarantee greater efficiency and sustainability in the sector, for the benefit of citizens and businesses.
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