Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
‘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...
Louisiana Insurance Commissioner Approves Citizens Rate Increase of 63%
Oct 11 2022 // Louisiana Insurance Commissioner Jim Donelon approved a significant rate hike for Louisiana Citizens residential property insurance policies, a move the insurance department blamed on rising costs of reinsurance. Donelon...
Indiana Approves Decrease in Workers’ Comp Rates for 2023
Oct 5 2022 // Indiana Department of Insurance Commissioner Amy L. Beard recently approved a decrease of 10.3% on average for Workers‘ Compensation rates recommended by the Indiana Compensation Rating Bureau (ICRB), effective...
Workers’ Compensation Premiums Increase 10% for First Six Months of 2022
Oct 3 2022 // A comparison of workers’ compensation direct premium written indicated an overall increase of approximately 10.1% for the first six months of 2022 compared to the first six months of 2021. Twenty of the Top 25...
California Workers’ Comp Written Premium up 27% in First Half of 2022
Sep 30 2022 // The Workers’ Compensation Insurance Rating Bureau of California released its Quarterly Experience Report, which reflects an increase in written premium due to economic recovery from the pandemic. The report is an...
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...
AM Best Viewpoint: The Value of MGAs in a Hardening Market
Sep 20 2022 // The heightened perception of risk stemming from cyber attacks, the climate, pandemics and even inflation are just a few of the volatile factors fueling a demand-side need for more specialized coverage approaches, which...
Auto Loss Costs Not Coming Down; Bigger Rate Hikes Ahead: Allstate CEO
Sep 20 2022 // Higher auto loss costs are here to stay, according to the leader of Allstate, who also said that his company will be pushing up auto insurance prices higher, and at a faster pace, for the balance of the year. Speaking at...
Property Catastrophe Reinsurance Entering a True Hard Market
Sep 13 2022 // Uncertain times are challenging for reinsurers. Claims may jump, and investment losses may dent profitability and possibly capital. However, uncertain times can also be good for reinsurers. Demand for reinsurance...
Price Increases Continue at 6% for U.S. Commercial Insurance in Q2: WTW
Sep 12 2022 // U.S. commercial insurance prices increased again during the second quarter 2022, according to WTW’s latest Commercial Lines Insurance Pricing Survey (CLIPS). The aggregate commercial price change reported by carriers...
South African Premiums to Rise as Insurers Face Growing Flood, Fire Risks: Sanlam
Sep 8 2022 // South Africans could soon be paying as much as 5% more on their premiums as insurers face growing risks both globally and locally. The country is now considered “very risky” due to mounting flood and fire...
Don’t Look Now, But More Reinsurance Price Increases on the Way
Sep 8 2022 // Fresh on the heels of massive reinsurance price increases in June, which helped send some property insurers into insolvency or out of the Florida market, reinsurers are now likely to raise premiums again in the next few...
P/C Underwriting Profitability to Worsen as Inflation, Hard Market Persist
Sep 5 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...
Q2 Commercial P/C Premiums Up 6.1%: CIAB
Sep 5 2022 // The second quarter 2022 marked a full five years of premium increases for across all lines of commercial insurance business, according to the latest report from the Council of Insurance Agents and Brokers (CIAB). The...
Cyber Insurance Price Hike Hits Local Governments Hard
Aug 29 2022 // This story originally appeared on Stateline, an initiative of The Pew Charitable Trusts. Horry County, South Carolina, officials were in for a shock earlier this year, when they discovered their cyber insurance premium...
Rising Premiums, Low Catastrophe Losses Boost U.S., Bermuda Reinsurers’ H1 Profits
Aug 24 2022 // U.S. and Bermuda reinsurers reported strong operating performance for the first six months of 2022, supported by continued pricing increases in most reinsurance and specialty lines of business as well as tighter terms and...
North Carolina Rate Bureau Wants 43% Hike in Dwelling Rates for 2023-24
Aug 23 2022 // The North Carolina Rate Bureau has recommended a statewide average increase of 42.6% over the next two years for dwelling property policies. The rate hikes would be an average of 19.6% for April 2023 and 19.2% for 2024,...
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...
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...
Q2 Commercial P/C Premiums Up 6.1%: CIAB
Aug 16 2022 // The second quarter 2022 marked a full five years of premium increases for across all lines of commercial insurance business, according to the latest report from the Council of Insurance Agents and Brokers (CIAB). The...
