Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
Suez Blockage Claims Expected to Hike Marine Reinsurance Rates, Says Willis Re
Apr 1 2021 // The blockage of the Suez Canal is likely to lead to large reinsurance claims, adding to upward pressure on marine reinsurance rates, James Vickers, chair of reinsurance broker Willis Re International, told Reuters. Formal...
London Market Insurers’ 2020 Profits Canceled by COVID-19 but Rates Are Rising
Apr 1 2021 // Pandemic-related losses in 2020 were substantial for London market insurers and offset most underwriting and investment returns, according to a report published by Fitch Ratings. The main drivers of losses were event...
North Carolina Insurers Request Increases on Mobile Home Policy Rates
Mar 23 2021 // The North Carolina Rate Bureau has filed a request with the North Carolina Department of Insurance to increase insurance rates for mobile home policies. The NCRB, which represents insurance companies and is not a part of...
Florida to Hold Hearing on Proposed National Specialty 24.9% Rate Increase
Mar 22 2021 // The Florida Office of Insurance Regulation will conduct a virtual rate hearing this week on a proposed 24.9% rate increase filed by National Specialty Insurance Co. for its homeowners multi-peril lines of...
Employment Practices Insurance in Age of COVID, Vaccines, Shutdowns and Hard Market
Mar 18 2021 // Overall trends for the past 30 years in the employment practices liability insurance market have been influenced by society and culture. As concerns over racial and disability discrimination, sexual harassment, gender...
2.3% Rate Hike for Louisiana Citizens Property Insurance Approved
Mar 18 2021 // Louisiana’s property insurer of last resort will raise personal property insurance rates by 2.3% this year, the state insurance department said. The increase is in line with current inflation rates and evidences...
Florida Regulator to Hold Hearing for Proposed Citizens’ Rate Increases
Mar 12 2021 // The Florida Office of Insurance Regulation will conduct a rate hearing on Monday, March 15 on proposed rate increases from Citizens Property Insurance Corp. The hearing will be held virtually at 9 am EST and will include...
Indiana Says Medical Malpractice Surcharge Rates to Decrease in July
Mar 10 2021 // The surcharge rates for healthcare providers electing to be qualified under Indiana’s Medical Malpractice Act will go down in July, the Indiana Department of Insurance has announced. The department outlined the rate...
Workers’ Compensation Remained Outlier as Commercial Prices Continued Rising in Q4
Mar 9 2021 // U.S. commercial insurance prices again grew significantly in the fourth quarter of 2020. Again, except for workers’ compensation. According to Willis Towers Watson’s Commercial Lines Insurance Pricing Survey...
Federal Flood Insurance Premiums Far From Keeping Up With Expected Losses
Mar 8 2021 // If the nearly 4.3 million residential homes (1-4 units) across the country with substantial flood risk were to be insured through the National Flood Insurance Program (NFIP), the NFIP rates would need to increase 4.5 times...
ICW Group in California Names Yuan Vice President, Product and Pricing
Mar 4 2021 // San Diego, Calif.-based ICW Group Insurance Cos. has named Iva Yuan vice president, product and pricing. Yuan will oversee the strategic direction of its product lines across the company’s various businesses. Yuan...
Reinsurers Saw ‘Good’ Rate Hikes in January Renewals, but Will Be Asking for More: S&P
Mar 2 2021 // Global property and casualty reinsurers saw “good” rate increases during the January 2021 renewals but they came up short of a hard market, dashing reinsurers’ hope of a strong start for 2021, according...
Federal Flood Insurance Premiums Far From Keeping Up With Expected Losses
Feb 22 2021 // If the nearly 4.3 million residential homes (1-4 units) across the country with substantial flood risk were to be insured through the National Flood Insurance Program (NFIP), the NFIP rates would need to increase 4.5 times...
AIG Hikes Rates Up to 45%; Reports Interest in Life/Retirement Unit Sale
Feb 18 2021 // American International Group Inc. said on Wednesday it is hiking some commercial insurance rates by as much as 45%, a trend it sees persisting in 2021, as the company prepares to install Peter Zaffino as its new chief...
As Metal Prices Rise, Atlanta Sees Theft of Catalytic Converters
Feb 17 2021 // Soaring prices for precious metals contained in some auto components is driving a rash of thefts in coastal Georgia. The Brunswick News reports 18 catalytic converters have been stolen from three truck rental companies in...
With Crashes Down, Massachusetts Lawmakers Want Lower Car Insurance Rates
Feb 16 2021 // Lawmakers and the attorney general’s office want a state agency to force car insurance providers to lower rates for Massachusetts customers. The pandemic has kept many drivers off the road, meaning thousands of fewer...
Florida Consumers ‘Flabbergasted’ by Property Insurance Rate Hikes
Feb 12 2021 // Florida property insurers are jacking up rates by double-digit percentages, blaming the hikes on lingering damage from past hurricanes, a wave of litigation, and a law that encourages lawyers to sue by allowing courts to...
Rate Hikes Boost CNA in Q4
Feb 9 2021 // CNA Financial Corp. benefited significantly from rate hikes and premium growth in Q4, reporting more than $387 million in net income versus $273 million the year before. Net income per share during the quarter reached...
Improvements Bringing Down Flood Insurance Rates in Cedar Rapids, Iowa
Feb 7 2021 // When Iowa’s Cedar River flooded over 10 square miles of the city in 2008, few property owners had flood insurance — slowing recovery for residents and business owners as they waited for resources from the federal...
Chubb’s Q4 ‘Excellent’ Results Boosted by Commercial Lines Price Hikes
Feb 3 2021 // Global insurer Chubb reported fourth quarter results for 2020 significantly better than the same period in 2019. For the 2020 fourth quarter, Chubb’s net income grew significantly higher, as did its net premiums...
