Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
Healthcare Costs, Premiums Likely to Rise for Years Due to COVID-19
Aug 16 2021 // Health implications related to COVID-19 will continue to drive elevated health system utilization long after the acute phase of the pandemic has concluded, likely leading to increasing costs and higher insurance premiums...
California Workers’ Comp Written Premium Down 13%, Report Shows
Aug 16 2021 // California workers’ compensation written premium for the first quarter of 2021 was 13% below that for the first quarter of 2020, according to a quarterly experience report issued by the Workers’ Compensation...
Mitigation Takes Center Stage in Hardening Cyber Market
Aug 16 2021 // Hard markets are nothing new — agents have dealt with them for decades and the forces that trigger them, including more frequent and severe natural disasters and years of soft pricing. With the hardening market in...
Increasing COVID-19 Vaccination Rates in Florida, Texas Could Have Saved 4,700 Lives Through July
Aug 13 2021 // The success of COVID-19 vaccination campaigns in many states demonstrates the real-world feasibility, and impact, of achieving high vaccination coverage. By the end of July, the five highest-performing states — Vermont,...
How Material, Labor Price Hikes Are Affecting Property Insurance
Aug 11 2021 // The COVID-19 pandemic is causing a sharp increase in the price of materials and labor and driving increases in property claim costs, experts said during a webinar hosted by ATI Restoration last week. “We’ve...
TWIA to File for Rate Increase; TDI Proposes Member Assessment Rule Change
Aug 6 2021 // The property insurer of last resort for wind and hail in counties along the Texas coast will file for a 5% rate hike for both residential and commercial properties in its required annual filing with the Texas Department of...
Progressive Insurance Hurt by Rise in Auto Claims, Low Premiums in Q2
Aug 6 2021 // Progressive Corp. reported a 56% decrease in net income to $790.1 million for the second quarter. Net income was down 9% for the first six months. The company said the largest contributor to the year-over-year decreases...
Rate Hikes, Investments Help AIG Get Back to Profit in Q2
Aug 6 2021 // American International Group generated a modest profit in the second quarter, citing gains from higher net investment income, far fewer catastrophe losses and strong rate hikes in its property/casualty business. The...
California Workers’ Comp Written Premium Down 13%, Report Shows
Aug 4 2021 // California workers’ compensation written premium for the first quarter of 2021 was 13% below that for the first quarter of 2020, according to a quarterly experience report issued on Wednesday by the Workers’...
Texas Surplus Lines Premiums Rise to $947.48M, an All-Time High
Aug 2 2021 // Texas set another record in June for the amount of surplus lines premium recorded by the Surplus Lines Stamping Office of Texas (SLTX). The $947.48 million in premium reported in June brings the year-to-date total to $4.58...
Aon’s Price Tag for Scrapped Deal to Buy Willis Rises to $1.4B
Aug 2 2021 // Insurance broker Aon Plc said on Friday it could have to expend up to $400 million in additional costs tied to the termination of its mega merger deal with Willis Towers Watson, over and above the $1 billion it was...
Global P/C Industry Sees Strongest Rate Hikes in 20 Years but Inflation Headwinds Loom
Aug 2 2021 // Robust global economic recovery, higher risk awareness and the strongest rate hardening for 20 years in non-life insurance commercial lines will combine to push premiums 10% above pre-COVID-19-crisis levels this year,...
5.44% Workers’ Comp Rate Decrease OK’d in Wisconsin
Aug 2 2021 // Wisconsin Insurance Commissioner Mark Afable approved an overall 5.44% decrease in workers’ compensation insurance rates, effective Oct. 1, 2021. It’s the sixth straight year of rate decreases in Wisconsin,...
Global Commercial Insurance Price Hikes Moderated Further in Q2: Marsh
Jul 28 2021 // Global commercial insurance prices rose 15% in the 2021 second quarter, continuing a stunning track record of increases but far from their peak at the end of 2020, according to a new Marsh report. The Q2 numbers reflect...
5% Rate Increase Recommended for Texas Windstorm Insurer
Jul 22 2021 // The Actuarial & Underwriting Committee for the Texas Windstorm Insurance Association (TWIA) has recommended that the association’s board vote at its Aug. 3 meeting to file for a 5% rate increase for residential...
5.44% Workers’ Comp Rate Decrease Approved in Wisconsin
Jul 22 2021 // Wisconsin Insurance Commissioner Mark Afable has approved an overall 5.44 percent decrease in worker’s compensation insurance rates, effective Oct. 1, 2021. This is the sixth straight year of rate decreases in...
Surplus Lines Insurers Report 21.9% Premium Hike in First Half of 2021
Jul 20 2021 // Surplus lines premium exceeded $24 billion and premium bearing transactions exceeded 2.6 million through the first six months of 2021, according to the 2021 Midyear Report of the U.S. Surplus Lines Service and Stamping...
Global P/C Industry Sees Strongest Rate Hikes in 20 Years but Inflation Headwinds Loom
Jul 16 2021 // Robust global economic recovery, higher risk awareness and the strongest rate hardening for 20 years in non-life insurance commercial lines will combine to push premiums 10% above pre-COVID-19-crisis levels this year,...
Florida’s Citizens Insurance Seeks Rate Increase as Policy Count Skyrockets
Jul 15 2021 // The Citizens Property Insurance Corporation’s Board of Governors approved rate adjustments that will raise average premiums by an additional 2.3% in February 2022. The board for the state-backed insurer unanimously...
PG&E in California Seeks $3.6B in Rate Hikes for Wildfire Safety
Jul 2 2021 // Pacific Gas & Electric asked regulators Wednesday to grant a $3.6 billion rate hike to help it pay for hardening its power systems to prevent deadly wildfires. The nation’s largest electric utility requested the...
