ARKANSAS, USA — Rates for homeowners’ insurance in Arkansas have gone through the roof in 2024, mirroring a national trend as insurance companies try to keep pace with rising property damage claims caused by more severe weather and increasing costs.
In a review of the highest rate increases for homeowners’ insurance policies over the last decade, nine of the top 20 came this year, according to information on file with the Arkansas Insurance Department.
In 2023, Arkansas had the second-highest loss ratio in the nation – 144% – behind only Oklahoma’s 146%, said Ward Tisdale, regional vice president-Southwest at the National Association of Mutual Insurance Cos. of Indianapolis. The insurance industry uses loss ratio — the ratio of premium collected to losses — as a key indicator of a company’s profit.
To read more about this story our content partner Arkansas Business has the full story here.
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