Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
State Farm Seeking Large Rate Increases in Wildfire-Prone California
Jul 3 2024 // State Farm has applied for large rate increases in California, a year after the carrier got rate approvals of 7% and 20%—adding fuel to a burning homeowners crisis in a state that’s seen an increasing number of...
Vertafore Report Highlights Agency Recruitment, Hard Market Challenges
Jun 28 2024 // Independent insurance agencies are struggling to find qualified job candidates, and nearly a third of agents surveyed for a recent Vertafore report said they’re finding that “young people just aren’t that...
As Rates Rise, Majority of Homeowners Say Insurance Industry Is in Crisis: Survey
Jun 28 2024 // Homeowners are cutting back on dining out, travel, groceries and even medication to afford their soaring property insurance premiums. One in 10 are considering relocating to an area with lower premiums. Within the last...
A.M. Best: Rapid Premium Growth Warrants Greater MGA Oversight
Jun 17 2024 // Though A.M. Best remains bullish on the delegated underwriting authority enterprises (DUAEs) market, it remains cautious of the risk managing general agents (MGAs) bring to insurers. In its latest market segment report,...
US E&S Growth Slower in 2023; Berkshire, AIG Top Premium Rankings
Jun 13 2024 // An analysis by S&P Global Market Intelligence reveals that the pace of growth in the U.S. excess and surplus lines market has slowed since a peak growth rate of 32.3% recorded in 2021. In 2023, growth remained...
WTW: US Commercial Insurance Price Increases in Q1 ‘Steady’ at 6.3%
Jun 11 2024 // Broker WTW said commercial lines insurance increased overall by an average of 6.3% during the first quarter. Quarterly price increases have been about 6% since the global pandemic, WTW reported in its Commercial Lines...
North Carolina Commissioner Lands on 8% Rate Increase for Dwelling Policies
Jun 10 2024 // North Carolina Insurance Commissioner Mike Causey has settled on an 8% average rate increase for dwelling insurance policies, starting Nov. 1. The North Carolina Rate Bureau, basing its request on data from property...
CIAB: Commercial P/C Premiums Increase 7.7% in Q1 2024
Jun 3 2024 // Overall commercial property/casualty premiums increased slightly for all account sizes to 7.7% on average in the first quarter 2024, according to The Council of Insurance Agents and Brokers’ Q1 Market Survey. With...
NC Commissioner Rejects Proposed 83% Mobile Home-Fire Rate Increase
May 30 2024 // North Carolina Insurance Commissioner Mike Causey has scheduled a 2025 hearing date after rejecting the NC Rate Bureau’s request for an 83% average rate increase in mobile home fire policies and a 50% increase in...
A.M. Best: Rapid Premium Growth Warrants Greater MGA Oversight
May 24 2024 // Though A.M. Best remains bullish on the delegated underwriting authority enterprises (DUAEs) market, it remains cautious of the risk managing general agents (MGAs) bring to insurers. In its latest market segment report,...
UK’s Aviva Posts 16% Rise in Q1 General Insurance Premiums
May 23 2024 // Aviva posted a 16% rise in general insurance gross written premiums to 2.7 billion pounds ($3.44 billion) in the first quarter, helped by strong performance in Britain. Life and general insurer Aviva, which has its main...
CIAB: Commercial P/C Premiums Increase 7.7% in Q1 2024
May 20 2024 // Overall commercial property/casualty premiums increased slightly for all account sizes to 7.7% on average in the first quarter 2024. According to The Council of Insurance Agents and Brokers’ Q1 Market Survey, the...
Security First Touts 5% Rate Decrease for HO-3, Renters Policies in Florida
May 17 2024 // Citing the stabilizing impact that legislative reforms have had on the Florida market, Security First Insurance Co. executives this week announced two residential property rate reductions of more than 5%. “For the...
Fitch Ratings: US Cyber Premium Growth Slows in 2023
May 17 2024 // The U.S. cyber insurance market saw what Fitch Ratings called an unexpected 1% decline in direct written premiums in 2023 following a 160% increase from 2020 to 2022. According to Fitch Ratings’ U.S. Cyber Insurance...
Fed’s Powell Downplays Potential for a Rate Hike Despite Higher Price Pressures
May 16 2024 // Federal Reserve Chair Jerome Powell said Tuesday that the central bank is unlikely to raise its key interest rate in response to signs of stubborn inflation and underscored his view that price increases would soon start to...
Zurich’s First-Quarter P/C Revenue Rises on Higher Premiums
May 16 2024 // Zurich Insurance Group AG said revenue from property and casualty insurance rose 12% in the first quarter on a like-for-like basis, helped by higher premiums. Gross written premiums in the business rose 9% from a year...
Report: California Workers’ Comp Written Premium Increased 2% in 2023
May 9 2024 // Written premium in calendar year 2023 was 2% higher than the prior year, driven by continued economic expansion, but partially offset by continued rate decreases, a new report shows. The Workers’ Compensation...
Fitch: U.S. Cyber Insurers Saw Strong Profits, Slowdown in Premium Growth in 2023
May 6 2024 // The U.S. cyber insurance line generated strong direct underwriting profits for the second straight year in 2023, but written premium volume has stalled amid renewed pricing pressure, according to a Fitch Ratings...
Rising Prices, Low Satisfaction Drive 49% of Customers to Shop For New Auto Insurance
May 3 2024 // Increased premiums combined with lackluster customer satisfaction scores are driving record numbers of auto insurance customers into the market for a new policy, according to the J.D. Power 2024 U.S. Insurance Shopping...
Key Insurer Says Russia Oil Price Cap Increasingly Unenforceable
Apr 30 2024 // A Group of Seven-imposed cap on the price of Russia oil is becoming increasingly unenforceable, an organization at the heart of the global insurance industry said, offering one of the most direct criticisms yet of measures...
