Car and homeowners insurance, get ready to pay more in 2020

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car and homeowners insurance
car and homeowners insurance

The prices of Car insurance and homeowners and casualty insurance contracts for individuals should continue to rise in 2020 against the backdrop of higher repair costs, said the specialist firm Facts and Figures in a study published on Wednesday.

For 2020, the firm poses a hypothesis of an average increase of 1% to 2% in rates, in car insurance as in homeowners insurance. For 2019, it acknowledges an increase of almost 1% over one year in the number of car accidents at the end of August, an increase of the same order in the number of injured and a 0.2% increase in the number of fatalities in roads.

At the same time, Facts and Figures report a “far greater than inflationary cost of car repair inflation” over the past decade, and 2019 was no exception. Repair, spare parts, labor, paint ingredients cost at the end of April between 2 and 6% more expensive than a year earlier, according to this study traditionally highly regarded by the sector. The firm stresses that the automobile remains a market where the players must “be able to display attractive prices in new business in automobile to capture customers” and then try to place with them contracts for other types of risks

Regarding home insurance, Facts and Figure notes in 2019 an increasing trend in burglaries, up 5 to 10% since the beginning of the year. In terms of natural disasters, 2019 is currently looking “relatively mild”, although many drought claims are still to be expected. These losses, which can in particular take the form of cracks on the walls of houses, often appear “delayed”.

The multi-risk housing market (MRH) “has now emerged from the period of significant price adjustments in the early 2010s. The price increases achieved now allow the sector to absorb a charge of 1.2 to 1.4 billion euros of climatic events during a financial year ”, underlines the study. The evolution of the rates of the HRM “therefore now essentially depends on the evolution, in frequency and in average cost, of the basic risks”, namely water damage, fire, theft and civil liability, details -t it. As in the automobile industry, the cost of home repairs in the event of a disaster is on the rise, Cyrille Chartier-Kastler, president of the cabinet, told AFP.

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