Most Popular Pricing Trends Headlines This Year
The most viewed headlines from our Pricing Trends Topic Page over the last year.
#1 Florida Regulators Now Reviewing Rate Hikes of 14%, 62% and 103%
Mar 31 2023 // Three Florida insurance carriers, one large and two small, are seeking approval for major rate increases, with one condominium policy increase as high as 103%. Citizens Property Insurance Corporation’s board of...
#2 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...
#3 Georgia Insurance Commissioner Slams Allstate’s 25% Auto Rate Increase
Aug 22 2022 // The Georgia insurance commissioner is publicly shaming one of the country’s largest auto insurers after the carrier announced an average 25% rate increase in the state. “I am angry and disappointed that...
#4 With Less Reinsurance for Reinsurers, Prices Set to Rise Again for Florida Carriers
Oct 25 2022 // It has been three weeks since Hurricane Ian struck Florida on Sept. 28, 2022. The storm took at least 119 lives and caused estimated insured losses ranging from $31 billion to $74 billion, with most estimates in the $60...
#5 Hard Commercial Property Market to Linger as Property Owners Take On More Risk
Apr 3 2023 // Today’s hard U.S. commercial property insurance market — one that is the longest and toughest seen during the careers of even the most seasoned industry veterans — is likely here to stay for a...
#6 Allstate Reports $310M Q4 Loss as Auto Claims Costs Motor Past Rate Hikes
Feb 2 2023 // As it had warned last month, Allstate Corp. reported a fourth quarter 2022 loss of $310 million as losses from auto insurance outpaced an increase in revenue. Results were in comparison to net income of $790 million for Q4...
#7 Auto Claim Severity Up 35% over Pre-Pandemic Rates – LexisNexis Report
May 12 2023 // Claim severity for bodily injury and property damage increased by 35% since 2019, while collision claim severity has jumped 40%, LexisNexis Risk Solutions says in a new report. The data broker’s 2023 U.S. Auto...
#8 Commercial Property Premiums Up Over 20% to Start 2023: CIAB
May 18 2023 // Commercial property premiums increased more in the first quarter than they have in more than 20 years as the first three months of the year marked the 22nd straight quarter of overall premium increases, at 8.8%, according...
#9 Rising Auto Rates Affecting ‘Bundle’ Strategy: J.D. Power
Sep 21 2022 // Bundling home and auto insurance may have hit a roadblock as consumers have started to break up policies largely due to increases in auto insurance premiums, according to J.D. Power. Overall satisfaction and retention...
#10 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...
#11 Viewpoint: California Needs Regulatory Reform and Quick Rate Review to Halt Personal Lines Meltdown
Jun 2 2023 // The regulation of property/casualty insurance in California has been an epic failure—look no further than the state of the market for personal automobile and homeowners insurance. California Insurance Commissioner...
#12 ‘Hardening’ Property Catastrophe Market Enters ‘Hard’ Market Phase: Bank of America
Oct 12 2022 // European reinsurers will miss their earnings targets in 2022 – for the sixth year in a row – which is pressuring the industry to raise rates and continue improving the quality of their portfolios, according to a...
#13 P/C Underwriting Profitability to Worsen as Inflation, Hard Market Persist: Triple-I, Milliman
Aug 16 2022 // The 2022 combined ratio for the property/casualty insurance industry is forecast to be 100.7, a worsening of 1.2 points relative to 2021, driven by significant deterioration in the personal auto line. Loss pressures and a...
#14 Allstate: $307M in January Cat Losses and Keeps the Auto Rate Hikes Coming
Feb 17 2023 // Allstate Corp. said it estimated catastrophe losses for the month of January of $307 million, or $243 million after-tax from nine events primarily in Texas and California. Catastrophe losses for the January events were...
#15 Progressive CEO: Early Rate Actions Helped Growth
Feb 28 2023 // Progressive Corp. posted full-year 2022 net income of $721.5 million, down about 78% from net income of $3.35 billion the prior year, due to losses in its investment portfolio. However, Chief Executive Officer Tricia...
#16 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...
#17 Hardening Construction Market Gives Way to Rise of Captives
Jan 25 2023 // Amid a historically hard construction market, middle and large-sized companies looking for alternatives to traditional insurance may turn to captives to find stable pricing and greater capacity. Captives, licensed...
#18 J.D. Power: Rising Premiums Tighten Auto Insurance Market as Customers Shop Deals
Apr 28 2023 // State Farm Tops List of Large Insurers Providing Satisfying Shopping Experience, While The Hartford Ranked Highest Among Midsize Insurers Saving money is the primary focus of consumers searching for auto insurance,...
#19 Florida OIR Hearing Set for Citizens’ Latest Rate Increases
Jun 6 2023 // The Florida Office of Insurance Regulation will hold a rate hearing Thursday, June 8, on Citizens Property Insurance Corporation’s proposed 12.5% average increase for homeowners and larger increases for other types...
#20 Auto Insurance Shopping Rises as Consumers Seek Better Rate
Apr 20 2023 // Auto insurers have been forthcoming in their desire to achieve rate to match increases in claims costs and, so far in 2023, consumers are not standing by. According to a quarterly report from J.D. Power, in collaboration...
