Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
Rapid Cyber Premium Growth by Fairfax, Tokio Marine Increased Share of Market
May 9 2022 // The top cyber insurance carriers in 2021 shifted to include Fairfax Financial Holdings and Tokio Marine U.S. as the marketplace grew 74% to over $4.8 billion, according to a report from Fitch Ratings. Overall, the top...
Allstate Outlines ‘Surgical’ Auto Rate Hikes to Combat Inflation
May 6 2022 // Rate increases in Allstate’s auto insurance business are in integral part of the insurer’s overall plan to address the impact of inflation. Wednesday during a conference call with analysts to discuss...
Cyber Premiums Rapidly Grew 74% in 2021: Fitch
May 2 2022 // According to estimates by Fitch Ratings, direct written premiums (DWP) for standalone and packaged cyber insurance increased 74% to nearly $5 billion in 2021 compared with overall growth for the property casualty industry...
Malpractice Insurance Premiums Increased 22%, Despite Fewer Claims
May 2 2022 // The number of malpractice claims filed against hospitals and physicians dropped 14% in 2020, even as premiums rose 22% on average, according to the most recent report by the American Society for Health Care Risk Management...
Allstate to Increase Magnitude of Auto Rate Hikes in 2022
May 2 2022 // Allstate said it is raising auto insurance rates more due to continued upticks in physical damage and bodily injury severity. The personal property insurer said in a statement on April 21 that first quarter unfavorable...
81% of Flood Insurance Policyholders Will See Rate Increases, Report Says
Apr 26 2022 // When the Federal Emergency Management Agency rolled out a major overhaul to its beleaguered National Flood Insurance Program last April, it promised that bigger, richer homes would bear the brunt of premium increases,...
London Market Continues to Benefit From Rising Rates and Other Tailwinds: AM Best
Apr 26 2022 // Upward premium rate momentum is expected to continue support underlying performance for the London market, despite mounting challenges connected to climate modeling, claims inflation and the war in Ukraine, according to AM...
Premiums for Florida Cat Fund to Jump 12% This Year, Report Shows
Apr 26 2022 // Premiums paid to the Florida Hurricane Catastrophe Fund are expected to increase by more than 12% later this year, giving new urgency to calls to cut the fund’s retention level in half, a move that some estimates...
Massachusetts Approves 3.5% Workers’ Compensation Rate Decrease
Apr 26 2022 // The state’s insurance commissioner has approved an overall average decrease of 3.46% in workers’ compensation rates starting July 1, 2022 for Massachusetts businesses. Massachusetts businesses will save...
Allstate to Increase Magnitude of Auto Rate Hikes in 2022
Apr 25 2022 // Allstate said it is raising auto insurance rates more due to continued upticks in physical damage and bodily injury severity. The personal property insurer said in a statement on April 21 that first quarter unfavorable...
D&O Loss Ratios Unchanged by Rate Hikes; Supply Disruption to Fuel Suits
Apr 18 2022 // Directors and officers liability insurance premium rate hikes have not had the anticipated impacts on loss ratios that carriers had hoped for, AM Best reported in March, citing the impact of social inflation on rising...
Rates Up Again in Q1 as Signs May Point to ‘Stronger Increases’: MarketScout
Apr 18 2022 // During the first quarter 2022 buyers of commercial insurance saw average rate increases across all lines of 6%, according to MarketScout’s Market Barometer. The average increase remained consistent compared to the...
Cyber Premiums Rapidly Grew 74% in 2021: Fitch
Apr 14 2022 // According to estimates by Fitch Ratings, direct written premiums (DWP) for standalone and packaged cyber insurance increased 74% to nearly $5 billion in 2021 compared with overall growth for the property casualty industry...
Rates Up Again in Q1 as Signs May Point to ‘Stronger Increases’: MarketScout
Apr 7 2022 // During the first quarter 2022 buyers of commercial insurance saw average rate increases across all lines of 6%, according to MarketScout’s Market Barometer. The average increase remained consistent compared to the...
Rising Interest Rates: 2 Steps to Avoid Extra Expense
Apr 7 2022 // This post is part of a series sponsored by InsurBanc. It’s amazing how the world has changed during the first quarter of 2022. Globally, there is unrest that is both heartbreaking and nerve-wracking. Domestically, we...
Aircraft Lessors Seeing ‘Horrendous’ Hikes in Insurance Premiums: BOC Aviation
Apr 7 2022 // The likely huge insurance claims related to the cancellation of aircraft leases in Russia is already leading to “horrendous” hikes in the cost of renewing policies, the chief executive of major lessor BOC...
Arizona Auto Insurance Rates Rising on Heels of COVID
Apr 4 2022 // As if spiraling gas prices weren’t enough, motorists across Arizona and the nation are paying more for auto insurance as repair costs and more crowded roads push premium rates higher. After giving customers premium...
Property Catastrophe Reinsurers Show Greater Risk Appetites as Price Hikes Continue
Apr 1 2022 // Reinsurers have boosted their 2022 probable maximum loss (PML) exposures as higher prices continues to attract more capital to property-catastrophe risks, according to Moody’s Investors Service. Reinsurers’...
Hearing on Florida Citizens’ Near-Max Rate Increases Set for March 31
Mar 25 2022 // The Florida Office of Insurance Regulation will hold a hearing on Thursday, March 31, to examine a request by Citizens Property Insurance Corp. for a near-maximum rate increase for most of its policies. Citizens, limited...
Rate Hikes, Telematics, Data Science Leading Allstate Back to Profit
Mar 25 2022 // For the second time this month, a personal auto insurance giant devoted an investor conference to the topic of rate hikes, with Allstate executives also assuring listeners the carrier has various other tools to return to...
