US Home Insurers’ Losses Surge as Populations Grow in Disaster-Prone Areas

American home insurers faced massive losses last year due to population growth in disaster-prone regions and other factors, according to global credit rating agency AM Best. The home insurance segment “suffered a $15.2 billion underwriting loss in 2023, more than double the losses seen in the previous year,” the agency said in a July 25 press release. “The 2023 loss was also the worst this century, with $14.8 billion in losses in 2011 the next highest.” Between 2010 and 2020, California, Florida, Georgia, North Carolina, Texas and Washington accounted for more than half of the country’s population growth. All six states are prone to severe weather, AM Best noted....