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.
CNA Financial Corp. on Monday reported first-quarter net income of $313 million, compared with $312 million in the year-earlier period, as its top executive said the insurer is bullish about 2022 but keeping a close eye on economic and social inflation.
Aon PLC reported 8% organic revenue growth in the first quarter and expects to report mid-single-digit or higher growth for the whole of 2022, despite the uncertain global political and economic outlook.
Willis Towers Watson PLC on Thursday reported first-quarter organic revenue growth of 2% as its top executives said events in Ukraine are likely to dampen the short-term moderation in pricing growth.
Arch Capital Group Ltd. reported first-quarter net income of $185.6 million, down 57% from $427.8 million in the same period last year.
Chubb Ltd. reported first-quarter net income of $1.97 billion, down 14.2% from $2.30 billion in the year-earlier period.
Global commercial insurance prices increased 11% in the first quarter, Marsh LLC said in its latest Global Insurance Market Index, released Wednesday.
Brown & Brown Inc. posted first-quarter revenue of $904.7 million, up 11% year over year, with organic revenue growth of 7.8%, the broker reported late Monday after the markets closed.
Marsh & McLennan Cos. Inc. reported a double-digit rise in underlying revenue in the first quarter and expects continued growth throughout 2022.
Property/casualty insurer Travelers Cos. Inc. on Tuesday reported a 48% jump in quarterly profit that beat analysts estimates, as lower catastrophe-related claims cushioned a hit from investment losses.
Insurance buyers should expect a moderation in rate increases for many lines of business at upcoming renewals, but the cyber liability market will remain difficult and property insurers will continue to focus on valuations, brokers and insurers say.
Travelers Cos. Inc. saw growth across is business sectors during the first quarter despite the uncertain geopolitical outlook, the insurers senior executive said Tuesday.
Commercial insurance rates continue to rise as the composite rate increase for the first quarter of 2022 was 6%, compared with 5.8% for the fourth quarter of 2021, according to insurance exchange MarketScout Corp. on Tuesday.
Four lines of commercial insurance saw month-over-month declines in premium renewal rate changes while two saw increases, according to a report Thursday from Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc.
Commercial property/casualty insurance premiums increased an average of 8.7% across all account sizes during fourth-quarter 2021, with prices increasing for all lines of business, including workers compensation, according to a report Monday from the Council of Insurance Agents & Brokers.
U.S. commercial insurance prices rose more than 7% in the fourth quarter, which was the same percentage of increase seen in the third quarter, Willis Towers Watson PLC said in a survey issued Monday.