Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
Surplus Lines Premium Increases 16% to Nearly $36 Billion Through June
Aug 10 2023 // Surplus lines premium reached nearly $36 billion through the first six months of 2023, according to the 2023 Midyear Report of the U.S. Surplus Lines Service and Stamping Offices. Premium increased about 16% overall...
Lloyd’s Leads Insurers in Raising Rates, Cutting Taiwan Cover as Conflict Risks Rise
Aug 10 2023 // Lloyd’s of London underwriters are leading insurers in raising rates and cutting the amount of cover they offer for risks involving Taiwan as concerns grow over possible military action by China, industry sources...
NC DOI Arrives at 4.5% Increase in Auto Rates for Next Two Years, 9.9% on Dwelling
Aug 9 2023 // North Carolina’s insurance commissioner has negotiated a smaller increase on auto insurance rates than the state’s rating agency had requested. The North Carolina Rate Bureau in February requested an average...
TWIA Board Votes Down Recommended Rate Increases
Aug 9 2023 // Though an analysis found rates at Texas’ insurer of last resort to be about 20% inadequate, its board on Tuesday did not come to an agreement to file for any rate increases. The board of the Texas Windstorm Insurance...
Auto Claims Inflation Speeds Ahead of Premium Increases
Aug 7 2023 // Insurance claims inflation has risen faster than the underlying consumer price index (CPI), outpacing auto insurance premium increases, according to a new study, Auto Insurance: The Uncertain Road Ahead, by the American...
Report: Auto Insurance Premiums Rise 17% in H1 of 2023
Aug 3 2023 // Car insurance premiums are skyrocketing primarily due to rising auto parts costs and extreme weather, according to virtual insurance agent platform Insurify’s Q3 2023 Mid-Year Auto Insurance Trends Report. In the...
Hard Market Game Refuses to End: Arch Capital CEO
Aug 1 2023 // Drawing analogies to an epic tennis match and the hands of a clock, the leader of Bermuda-based Arch Capital declared the current hard market one of the longest the P/C industry has ever experienced. “This is the...
Russia’s Danube Attacks Threaten Ukraine Grain Exports; Ports’ Insurance Rates Rise
Jul 26 2023 // Russian air strikes on Ukrainian grain facilities on the Danube this week threaten a vital river route for Kyiv’s exports, as Moscow seeks to tighten the noose around a key sector of the economy days after abandoning...
Report: California Workers’ Comp Premium Levels on the Rise
Jul 25 2023 // California workers’ compensation premium levels rose by 14% in 2022 due to the economic recovery from the pandemic-related downturn, according to the new Workers’ Compensation Insurance Rating Bureau of...
Arkansas Schools Face 130% Increase in Property Premiums, Seek Financial Assistance
Jul 24 2023 // An Arkansas subcommittee last week approved Gov. Sarah Huckabee Sanders’ request for close to $11 million from the state’s restricted reserve fund to offset costs for school districts facing soaring property...
Auto Claims Inflation Speeds Ahead of Premium Increases
Jul 24 2023 // Insurance claims inflation has risen faster than the underlying consumer price index (CPI), outpacing auto insurance premium increases, according to a new study, Auto Insurance: The Uncertain Road Ahead, by the American...
Higher Reserving Uncertainties Could Sustain Hard Market Conditions: Report
Jul 17 2023 // Systemic shocks related to the recent pandemic, the war in Ukraine, natural catastrophe losses and elevated inflation have raised questions about reserve adequacy for property/casualty insurers, according to a Swiss Re...
Why the Investor-Driven Hard Reinsurance Market Will Persist
Jul 17 2023 // Reinsurers will continue to command adequate rates for property-catastrophe in 2024, even if the market comes through hurricane season unscathed, reinsurance company executives said. Kevin O’Donnell, president and...
TWIA Committee Recommends 5% Increase in 2024 Residential Rates, 8% for Commercial
Jul 12 2023 // The Texas Windstorm Insurance Association Actuarial & Underwriting Committee met Tuesday, July 11 and voted to recommend increasing rates for residential policies by 5% and commercial policies by 8% for 2024. The TWIA...
Q2 Commercial P/C Rates Hold; Personal Lines Slightly Decrease: MarketScout
Jul 7 2023 // Like the first quarter of 2023, the composite rate for U.S. commercial property/casualty lines increased 5% in the second quarter, according to MarketScout’s Market Barometer. The Dallas-based distribution and...
Fitch: Hardening Commercial Lines Market to Continue Through 2023
Jul 3 2023 // This year will mark the fourth year of a hardening market for the commercial lines underwriting cycle, according to the latest US Commercial Lines Market Update released by Fitch Ratings. The Council of Insurance Agents...
Why the Investor-Driven Hard Reinsurance Market Will Persist in 2024
Jun 29 2023 // Reinsurers will continue to command adequate rates for property-catastrophe in 2024, even if the market comes through hurricane season unscathed, reinsurance company executives said. Kevin O’Donnell, president and...
Washington Rule Requires Insurers to Tell Policyholders Why Their Premium is Going up
Jun 22 2023 // Washington Insurance Commissioner Mike Kreidler adopted a rule requiring insurers to explain premium increases to their policyholders “in language they can understand.” “If your insurance company is going...
Allstate Announces May Catastrophe Losses, Auto Rate Hikes
Jun 15 2023 // Allstate Corp. today released estimated catastrophe losses for the month of May of $885 million or $699 million, after-tax. There were a dozen events in May causing $893 million in catastrophe losses, Allstate said, but...
Property Leads Q1 Commercial Insurance Price Increases: WTW CLIPS
Jun 14 2023 // Commercial property insurance, with double-digit first quarter price increases, led other lines of businesses tracked by WTW’s Commercial Lines Pricing Survey (CLIPS). CLIPS found the aggregate price change for U.S....
