S2-Ep 10: Navigate the Personal Lines Storm – Strategies to Tackle Soaring Rates in a Hard Market
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As rising claim costs result in increasing volatility throughout the market, personal insurance lines such as home, auto, and umbrella coverage are impacted as well.
On this episode of Fast Break, Matt is joined by Jennifer Vanderlip, Amy Schroeder, and Kim Nichols from the M3 Elevate team for a personal insurance conversation. They discuss factors impacting the market today, including severe weather events, increasing car repair costs, and the rising cost of medical care. Tune in to learn what all this means for the future of the personal insurance market.
Listen Time: 23 Minutes
Insurers will likely start adding mitigation requirements on a consistent basis…from an eligibility perspective, you might start seeing them request things like water shutoff valves in order to qualify.
— Jennifer Vanderlip
Personal Lines Lead | M3 Elevate
If you look at your [car] bumper, you have your camera in there, you have different sensors. So that [technology] alone is just causing those costs to go up… a few hundred dollar claim five years ago could now be $2,000.”
— Kim Nichols
Account Executive | M3 Elevate
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