PRICING TRENDS
Insurance buyers face an uncertain outlook over the next year. While the sharp primary rate increases of the past four years appear to have eased, prices are still rising, and general economic conditions and other market forces may preclude much further easing.
Insurance buyers face an uncertain outlook over the next year. While the sharp primary rate increases of the past four years appear to have eased, prices are still rising, and general economic conditions and other market forces may preclude much further easing.
Hurricane Ian is likely to be a significant loss event for the U.S. property/casualty and global reinsurance sectors and is expected to accelerate the firming of property rates in 2023, Standard & Poors Global Ratings said in a note Friday.
Hurricane Ian is likely to be a significant loss event for the U.S. property/casualty and global reinsurance sectors and is expected to accelerate the firming of property rates in 2023, Standard & Poors Global Ratings said in a note Friday.
Firm rates and capacity constraints are likely to continue in the wholesale and specialty insurance market for the remainder of this year and into 2023, even as some areas moderate, according to sources at the Wholesale & Specialty Insurance Associations Annual Marketplace.
Firm rates and capacity constraints are likely to continue in the wholesale and specialty insurance market for the remainder of this year and into 2023, even as some areas moderate, according to sources at the Wholesale & Specialty Insurance Associations Annual Marketplace.
U.S. commercial insurance prices increased by 5.9% on average in the second quarter, compared with the year-earlier period, according to Willis Towers Watsons latest pricing survey.
U.S. commercial insurance prices increased by 5.9% on average in the second quarter, compared with the year-earlier period, according to Willis Towers Watsons latest pricing survey.
Travelers Cos. Inc. on Thursday reported a lower profit for the second quarter as catastrophe losses rose and investment income dropped, but the insurer saw revenue rise as rates and insured exposures continued to increase.
Rate hardening in commercial lines is forecast to drive strong nonlife premium growth globally, but the impact of high inflation will weigh on total premium growth, according to a Swiss Re Institute report.
Policyholders saw rate decreases of up to 35% in the July renewals for directors and officers liability risks, fueled by significant capacity in excess layers and increased competition, experts say.
Rate increases for general liability and umbrella coverage moderated in the first half of 2022 to low double-digit price hikes as more capacity entered the sector, industry experts say.
Commercial property insurance rates increased again at midyear renewals, albeit at a more moderate pace, and the overall cost of programs is rising as inflation pushes up values and premium costs.
Average U.S. commercial property/casualty rates rose 5.9% in the second quarter, MarketScout Corp. reported Tuesday.
The overall property/casualty insurance industrys combined ratio is heading for more than 100% for the first time since 2017 due to inflationary pressures, but the commercial lines sectors combined ratio is expected to remain well below that, Standard & Poors Corp. said in a report issued Wednesday.
Rising inflation, if unabated, will push up loss costs and ultimately have to be passed on through premium increases, Arthur J. Gallagher & Co said in a report released Tuesday.
U.S. commercial insurance prices increased by 6% overall in the first quarter, around one point lower than the aggregate increase in the fourth quarter of 2021, according to Willis Towers Watson PLCs latest pricing survey.
Commercial insurance rates increased in all major lines except workers compensation in May, but the sizes of the increases were mixed, Tampa, Florida-based Ivans Insurance Services reported Thursday.
Rates for cyber insurance continued to climb, while the directors and officers market has gotten some needed capital, according to a report Friday from USI Insurance Services Inc.
Commercial insurance premiums increased by 6.6% in the first quarter of 2022, more than two percentage points lower than the average increase in the fourth quarter of 2021, according to the Council of Insurance Agents & Brokers latest pricing survey.
Commercial auto, business owners policy, general liability and workers compensation saw month-over-month premium renewal rate increases, while commercial property and umbrella average renewal rates decreased, Ivans Insurance Services reported Thursday.
Rates for several commercial insurance lines continued to rise by double-digit percentages in the first quarter, with cyber liability rates nearly doubling, American International Group Inc.s top executive said Wednesday.
Commercial insurers could see higher investment income and changes in exposures because of recent and projected U.S. interest rate hikes aimed at curbing inflation.