It’s undeniable: the fastest growing segment of personal lines property and casualty—in terms of policy count—is renters insurance⚹. More people are living in rental units and they are staying there longer. But the average premium for renters insurance continues to decline⚹⚹, so the booming growth in policies doesn’t necessarily equate to big business.
What does this mean for insurers? Is this an important opportunity or a short-term trend to ignore? In search for answers, let’s take a step back and look at the bigger picture.