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Despite widespread disasters, insurance rates may not increase

Posted On Wed, January 4, 2012

During 2011, there was more than $100 billion in losses related to insurance disasters around the world, but this will not likely raise insurance rates significantly, according to Reuters.

This could mean that some insurance companies could take a big hit this year, and the next several months could be difficult.

"Winners will be those with reserve and capital strength, who strategically are well positioned for a quickly evolving market," said Cliff Gallant, analyst for KBW in his annual sector preview, according to the news source. "We expect rate improvement to be modest, not uniform and not in any way a traditional hard market."

Many places in the United States that did not experience significant amounts of damage from natural disasters witnessed little to no change in rates, the news source noted.

With this in mind, consumers may want to monitor their own plan. Those who are still unhappy with their current insurance plan, or not confident that their plan is the best they can do, it may be best to compare home insurance quotes to find the best fit.

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