Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
Kentucky AGC Self-Insurers’ Fund to Return $18.5M In Dividends, Decrease Rates
Nov 20 2020 // The Kentucky Associated General Contractors Self-Insurers’ Fund, a workers’ compensation insurance provider in the state of Kentucky, will return more than $18.5 million, including special fund tax...
Texas Automobile Insurance Plan’s 4.8% Commercial Auto Rate Hike Approved
Nov 16 2020 // The Texas Department of Insurance (TDI) has approved the request by the Texas Automobile Insurance Plan Association (TAIPA) for a 4.8% increase in commercial auto rates, with an effective date of March 1, 2021. TAIPA...
North Carolina Insurers Seek 24.5% Rate Hike for Homeowners
Nov 13 2020 // The North Carolina Rate Bureau has requested an average statewide rate increase of 24.5% on homeowners insurance rates in the state, according to a statement from the North Carolina Department of Insurance. The NCRB is not...
Zurich Insurance Reports Sales Growth, Higher Rates, Modest COVID-19 Claims
Nov 12 2020 // Zurich Insurance Group saw increased commercial lines insurance sales and a modest impact from COVID-19 related claims for the first nine months of the year, according to its third quarter report. Growth was supported by...
Florida Regulator Calls for Further Workers’ Comp Rate Decrease
Nov 10 2020 // Florida’s insurance regulator has called for a further decrease to proposed workers’ compensation insurance rates in response to a filing by the National Council on Compensation Insurance (NCCI). In an order...
California’s Temporary Total Disability Rates for 2021 Increasing
Nov 2 2020 // The California Division of Workers’ Compensation announced that the 2021 minimum and maximum temporary total disability rates will increase on Jan. 1, 2021. The minimum TTD rate will increase from $194.91 to $203.44...
Agency E&O Survey: More See Premiums on the Rise
Nov 2 2020 // According to Insurance Journal’s 2020 Agency E&O survey, slightly more than half of all respondents (50.2%) saw an increase in their E&O renewal premium from 2019 to 2020, and 53.8% expect another increase at...
W.R. Berkley Says Rate Increases Averaging 14.5% Contributed to Solid 3Q Results
Oct 26 2020 // W.R. Berkley Corp.’s 2020 third-quarter financial results landed on the strong side despite a dip in net income and more COVID-19 losses, a result the company credits to rate hikes and underwriting discipline. The...
More Companies Turn to Captives as Rates Rise, Terms & Conditions Tighten
Oct 26 2020 // Fed up with rising prices and more stringent terms and conditions for their insurance policies as a result of the coronavirus pandemic, companies are turning to in-house insurance firms. These so-called...
California Workers’ Comp Premium for First Two Quarters of 2020 Down 11%
Oct 19 2020 // Written workers’ compensation premium in California for the first two quarters of 2020 was 11% below that for the first two quarters of 2019, according to a new report out. The Worker’s Compensation Insurance...
Exiting Insurers, Premium Hikes Frustrate Canada’s Struggling Hospitality Industry
Oct 8 2020 // Canadian hospitality businesses, already reeling from the downturn sparked by the coronavirus pandemic, are facing yet another existential threat as insurance companies spike premiums or exit the space, citing losses and...
Hedge Funds Returning to Insurance as Premiums Rise
Oct 8 2020 // Five years after London-based hedge fund Toscafund ditched the shares it held in insurance companies, the $3.5 billion firm and its peers are flocking back, drawn by sharp premium increases which are lifting the...
California Workers’ Comp Premium for First Two Quarters of 2020 Down 11%
Oct 5 2020 // Written workers’ compensation premium in California for the first two quarters of 2020 was 11% below that for the first two quarters of 2019, according to a new report out. The Worker’s Compensation Insurance...
Traffic Deaths Fell But Fatality Rate Spiked During Coronavirus Lockdowns
Oct 2 2020 // U.S. traffic deaths fell during the coronavirus lockdowns but drivers engaged in riskier behavior as the fatality rate spiked to its highest level in 15 years, according to preliminary data released Thursday. The National...
White Mountains to Buy 72% Stake in Lloyd’s Insurer Ark for Growth in Hardening Market
Oct 1 2020 // White Mountains Insurance Group, Ltd. announced it has entered into a definitive agreement to invest fresh capital in and to acquire a majority interest in Ark Insurance Holdings Ltd., the parent company of Ark Syndicate...
Worker’s Compensation Rates to Decrease in Idaho for 2021
Sep 29 2020 // A proposal for a 1.7% overall rate decrease to Idaho workers’ compensation insurance, effective Jan. 1, 2021, has been approved by the Idaho Department of Insurance. The proposed rate change is recommended by the...
Texas Auto Insurance Plan Association Requests 4.8% Commercial Rate Hike
Sep 23 2020 // The Texas Automobile Insurance Plan Association (TAIPA) has filed a request with the Texas Department of Insurance to charge new insurance rates for commercial automobiles. The filed rates represent a 4.8% increase in...
Social Inflation, Low Interest Rates, Rising Catastrophes: Recipe for a Hard Market
Sep 21 2020 // Even before the coronavirus crisis hit, the reinsurance industry was in a period of significant rate hardening, which will likely continue over the next two years, or even longer, according to Munich Re. Such price...
What to Expect in 2021: Reinsurance Market Moving From ‘Timid’ to ‘Hard’
Sep 18 2020 // Speaking at one of the many virtual conferences that took place in early September, Dan Malloy, chief executive officer of Bermuda-based Third Point Reinsurance, offered an anecdotal view of the reinsurance market from a...
Casualty Reinsurance Demand Rises in N. America Despite Hardening Primary Rates
Sep 16 2020 // Although there is a significant market correction taking place in the North American liability insurance market, demand for casualty reinsurance is increasing, said Chirag Shah, executive vice president, Casualty...
