Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
California Workers’ Comp Bureau Says Premium Fell Sharply Beginning in 2Q 2020
Dec 20 2022 // Written premium declined sharply beginning in the second quarter of 2020 due to the economic downturn resulting from the pandemic, according to a report out on Tuesday. The report from the Workers’ Compensation...
U.S. Commercial Lines Prices Up 5% in Q3: WTW
Dec 13 2022 // With the exception of directors & officers liability and workers compensation, nearly all lines of business in the U.S. continued to see rate increases in the third quarter of 2022, according to WTW’s Commercial...
U.S. E&S Premiums Continue Growth in 2022: S&P
Nov 30 2022 // According to an analysis by S&P Global Market Intelligence, the U.S. excess and surplus market continued to grow in 2022, surging $37.6 billion in premiums during the first six months. Direct written premiums in the...
Property Cat Reinsurance Rates Likely to Rise by More Than 10% in January Renewals
Nov 23 2022 // Reinsurance rates for property catastrophe business should increase by well over 10% when contracts are renewed in January 2023, according to a commentary from Fitch Ratings Fitch expects double-digit percentage premium...
Missouri Dept. of Insurance Recommends 6.4% Decrease in Workers’ Comp Rates
Nov 22 2022 // The Missouri Department of Commerce and Insurance (DCI) is recommending a 6.4 percent decrease in workers’ compensation insurance loss costs for 2023. This marks the seventh time in eight years that average...
D&O Pricing Falls 14.7% in Q3, Breaking 17 Quarters of Pricing Increases: Aon
Nov 21 2022 // Directors and officers liability pricing fell 14.7% in the third quarter, according to a recent survey. Aon’s Financial Services Group’s Q3 2022 pricing index for the quarter ending on September 30 decreased to...
Navigating the Hard Market: How Proactive Communications Are Essential to Retaining and Building Business Today
Nov 21 2022 // Across all lines, the insurance industry is experiencing macro-hard markets, with large rate and premium increases, as well as re-underwritten renewals as the U.S. deals with broader economic uncertainty. Agents are also...
Commercial P/C Rates Up for 20th Straight Quarter: CIAB
Nov 18 2022 // Third-quarter 2022 marked the 20th consecutive quarter of increased premiums for commercial property/casualty, according to the latest report from the Council of Insurance Agents and Brokers (CIAB). The average premium...
D&O Pricing Falls 14.7% in Q3, Breaking 17-Quarters of Pricing Increases: Aon
Nov 10 2022 // Directors and officers liability pricing fell 14.7% in the third quarter, according to a recent survey. Aon’s Financial Services Group’s Q3 2022 pricing index for the quarter ending on September 30 decreased to...
Aviva Plans ‘Regular and Sustainable’ Investor Payouts as Premiums Rise
Nov 9 2022 // Aviva plans “regular and sustainable” investor payouts, its CEO said on Wednesday, as the British insurer reiterated plans for a share buyback program alongside its 2022 results and posted a rise in nine-month...
Florida Approves 8.4% Decrease in Workers’ Comp Rates Without Asking for More
Nov 8 2022 // The Florida insurance commissioner has approved a decrease in overall workers’ compensation rates for 2023, and he did not demand a sharper decrease from actuaries. The National Council on Compensation Insurance in...
Oklahoma Work Comp Rates to Decrease 8.2% in 2023
Nov 7 2022 // Oklahoma Insurance Commissioner Glen Mulready announced that businesses should see another rate decrease in workers’ compensation insurance beginning on January 1, 2023. The Oklahoma Insurance Department has approved...
Agency E&O Premiums Rise Again; 3 Years in a Row, More Agencies Report Paying More for E&O Coverage
Nov 7 2022 // Agency errors and omissions premiums have risen on average for three years in a row, according to Insurance Journal’s annual Agency E&O survey. Some 70.5% of respondents saw an increase in their agency E&O...
North Carolina Rate Bureau Wants 87% Hike in Mobile Home Rates over 2 Years
Nov 4 2022 // The North Carolina Rate Bureau is requesting an average 87.5% increase in insurance rates for mobile home fire policies over the next two years, and a 53.4% increase in casualty policies. The rate requests may seem large,...
Progressive Easing Up on Rate Hikes; Flo Coming Back to a State Near You
Nov 3 2022 // Progressive’s Flo won’t reappear on TV screens in every state, but the insurer she pitches for is comfortable pursuing business growth, company leaders said yesterday. That means potentially using more...
Swiss Re Posts Q3 Loss on Hit From Hurricane Ian, Signals Price Hikes
Oct 28 2022 // Swiss Re reported a third-quarter loss of $442 million driven by claims tied to the damage from hurricane Ian, and signaled that renewal prices would jump next year. The Zurich-based reinsurer’s key unit saw $2.5...
Global Insurance Rates Continue Rising at Slower Levels; Cyber Outpaces Other Lines
Oct 27 2022 // Global insurance pricing continued to rise, although at a slower pace, during the third quarter, which saw commercial insurance premiums increase an average of 6%, down from 9% in Q2, according to Marsh’s Global...
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...
Property Cat Market to Harden More; Possible ‘Significant Supply Imbalance’: MMC’s Doyle
Oct 21 2022 // While the total impact of Hurricane Ian won’t be realized for some time, the effect on an “already stressed property market will be significant,” said John Q. Doyle, group president and COO of Marsh...
Idaho’s Workers’ Comp Rates Decreasing 11.5% for 2023
Oct 18 2022 // The Idaho Department of Insurance accepted a 11.5% reduction in rates, effective January 1, 2023. This follows the National Council on Compensation Insurance submission of its annual rate recommendation to the Idaho...
