The Coast-To-Coast Property Insurance Market is down 7% this year, according to a new report from IHS Markit, reflecting a slow recovery from the hurricane season and the first half of 2018.
The survey showed that COIP premiums declined 7.3% in 2018, from $1,542 to $1.764.
IHS expects the market to grow in 2019, and will continue to see declines in the 2018 and 2019 surveys.
The market for COIP policies has remained relatively stable over the past several years, with the number of policies issued growing each year and COIP premium declines occurring less frequently.
But with a large amount of the market now coming from states with low COIP rates, the market could continue to experience low rates for years to come.
IHHS forecasts COIP losses to grow steadily to $6.9 trillion in 2020, a drop from $7.5 trillion in 2019.
For more: IHS Market Tracker: Annual trends on COIP, 2018, 2019, 2020, 2021, 2022, and 2023, 2018 and 2017.
Source: IHES Markit survey of insurers surveyed by IHS, 2018IHSMarkit survey, 2018 IHSMarkt survey, 2019 IHSmarkt survey.
IISpolar markets: 2018 Annual trends report.