Jewelers Mutual has submitted an annual rate certification for its Personal Jewelry Program in Florida, concluding that current rates remain actuarially sound and do not require adjustment.

The filing, submitted on December 30, 2025, has an effective date of January 1, 2026, with assumed renewal business effective December 31, 2025. The insurer reports 111,063 personal jewelry policies currently in force in the state. For the 2024 calendar year, Jewelers Mutual wrote $47.6 million in premium, with earned premium totaling $45.9 million.

Jewelers Mutual selected a 20% projected severity trend to account for the expected impact of U.S. tariffs on diamond prices. A 50% tariff on imports from India—where roughly 90% of diamonds are cut—went into effect on August 27, 2025. The company notes that while retailers initially buffered the impact by building inventory, claims severity is expected to rise meaningfully beginning in 2026.

From a modeling standpoint, the insurer relied on the AIR TouchStone V12 catastrophe model to estimate both hurricane and non-hurricane average annual loss. The filing assumes a commission and brokerage ratio of 3%.

The Personal Inland Marine filing reflects an expected loss ratio of 55.6% and an expected profit margin of 3.8%. Jewelers Mutual also notes that no rate changes affecting earned premium were implemented during the experience period from 2020 through 2024.