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The personal lines insurance segment, encompassing property and auto insurance, has recently experienced significant increases in loss costs. These factors have led to underwriting losses for Property and Casualty carriers. Throughout this piece, we will investigate the factors driving these cost increases and offer practical strategies to reduce losses and enhance insurability.

Understanding the Increases

Loss costs in the personal lines segment have risen due to factors such as severe weather events, technological advancements in vehicles, and an increase in distracted driving incidents 1. These factors have contributed to higher claim payouts and subsequently necessitated adjustments in insurance premiums.

Measures to Mitigate Losses and Improve Insurability

To manage these rising costs and improve insurability, consider the following measures:

  1. Enhance property protection – Invest in home security systems and fire alarms to reduce the risk of property damage or loss.
  2. Practice safe driving habits – Obey traffic laws, avoid distractions while driving, and regularly maintain your vehicle to minimize accidents and maintain a clean driving record.
  3. Bundle policies – Consolidate your personal lines insurance policies with one carrier to potentially access discounts and improved coverage options.
  4. Regularly review coverage needs – Evaluate your insurance coverage periodically to ensure it aligns with your current needs, adjusting coverage limits and deductibles as necessary.

Challenges in the High-Net-Worth Homeowners Space

According to a recent article from Inside P&C (2023), the high-net-worth homeowners insurance space is also facing challenges in this difficult market. The combination of increased loss costs and market dynamics has made it more challenging for insurers to provide coverage to high-net-worth homeowners2. It’s important for homeowners in this segment to review their policies carefully and work with experienced insurance professionals to ensure they have adequate coverage in this evolving market landscape.

IMA Select’s Focus on Personal Lines and Market Reach

At IMA Select, we prioritize Personal Lines insurance and are committed to addressing the challenges posed by the current market environment. Our extensive market reach allows us to offer a wide range of tailored solutions to meet your specific needs.

As noted in the Market Trends 2023 report3, rising personal lines insurance costs are driven by factors such as severe weather events, technological advancements, and distracted driving incidents. By implementing measures to mitigate losses, such as enhancing property protection and practicing safe driving habits, policyholders can improve insurability and manage costs effectively.


At IMA Select, we remain dedicated to providing comprehensive Personal Lines insurance solutions and supporting our clients through these changes. For more information or assistance, please contact our customer service team.



(1) “Personal lines segment drives underwriting losses for P&C carriers” [Advisen Article] Advisen Front Page News

(2) “High Net Worth homeowners space facing challenges in a difficult market” [Inside P&C Article] HNW homeowners space ‘in hardest market in decades’ (

(3) Market Trends 2023 IMA Select_National Rate Sheet_032123_2.pdf

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