Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
Pandemic-Hit Re/insurers Expect a Costly Hurricane Season – and Rates Are Rising
Jun 1 2020 // The official start of the Atlantic hurricane season on Monday could signal more steep losses for insurers and reinsurers, already battered by the impact of the coronavirus pandemic on their underwriting and investment...
Less Cars Doesn’t Equate to Fewer Fatalities During Coronavirus Quarantine. Fatality Rate Up 14%.
Jun 1 2020 // As Americans have been driving less and covering fewer miles, the emptier roads have become more lethal. Preliminary data from the National Safety Council indicate a year-over-year 14% jump in fatality rates per miles...
Reinsurers Will Fail to Earn Cost of Capital in 2020, Leading to More Rate Hikes: Fitch
May 27 2020 // Global reinsurers will fail to earn its cost of capital in 2020 amid the coronavirus crisis, which will help maintain price increases for the sector during the year ahead, said Fitch Ratings. Financial performance will be...
Roads Are Emptier But Riskier During Coronavirus Quarantine. Fatality Rate Up 14%.
May 21 2020 // As Americans have been driving less and covering fewer miles, the emptier roads have become more lethal. Preliminary data from the National Safety Council indicate a year-over-year 14% jump in fatality rates per miles...
Texas Surplus Lines Premium in April Rises to $741.68M
May 14 2020 // Texas surplus lines premium during the month of April 2020 reached $741.68 million, according to the Surplus Lines Stamping Office of Texas (SLTX). This is a 14.8% increase over the same period in 2019, SLTX...
New Jersey Insurance Companies Directed to Provide Premium Reductions
May 14 2020 // The New Jersey Department of Banking and Insurance has directed insurance companies in the state to provide premium reductions to consumers and businesses during the COVID-19 emergency, citing reduced risk of loss due to...
Commercial Insurance Rates in Q1 Rise 14%, Even Before Impact of COVID-19: Marsh
May 12 2020 // Global average commercial insurance prices increased 14% in the first quarter of 2020 – but the rate hikes were not due to the COVID-19 pandemic, according to insurance broker Marsh in its quarterly Global Insurance...
Delaware Auto Insurers Issue Rebates, Reduce Rates During Coronavirus Pandemic
May 4 2020 // The Delaware Department of Insurance has announced that many consumer-friendly automobile insurer actions are being implemented due to reduced vehicle use throughout the COVID-19 pandemic. As filed with the department,...
California Workers’ Comp Report Shows Written Premium Down 6% in 2019
Apr 23 2020 // Workers’ compensation written premium in California for calendar year 2019 was 6% below that for calendar year 2018, according to an update on California statewide insurer experience valued as of Dec.31, 2019. The...
SCOR Global P&C Sees Price Increases of 6.6% During April Renewals
Apr 23 2020 // During the April reinsurance renewals, SCOR Global P&C said it grew gross premiums by 5.7% to €504 million, while benefiting from broadly improving market conditions as shown by a 6.6% overall increase in...
Texas Surplus Lines Premium Increases in Q1 2020
Apr 20 2020 // Premium recorded for the first quarter of 2020 for excess and surplus lines of insurance in Texas is up 14.5% compared with the same period last year, according to the Surplus Lines Stamping Office of Texas...
Massachusetts’ Safety Insurance to Reduce Auto Premiums During COVID-19 Pandemic
Apr 15 2020 // Safety Insurance has announced a premium reduction plan and several other steps to meet policyholder and community needs during the ongoing COVID-19 pandemic. The Safety Personal Auto Relief Credit offers eligible Safety...
Alabama Regulator Eases Process for Auto Insurers to Reduce Policyholder Premiums
Apr 14 2020 // The Alabama Department of Insurance says it will waive filing fees and allow for immediate implementation of premium reductions by insurers in an effort to provide some relief to Alabama consumers. In a bulletin issued...
Mass. Division of Insurance Approves 6.8% Reduction in Workers’ Comp Rates
Apr 2 2020 // The Massachusetts Division of Insurance has approved a 6.8% reduction in the existing overall average workers’ compensation insurance rates for policies effective on and after July 1, 2020. The rate decrease was the...
PG&E’s Falling Stock Price Worries California Wildfire Victims Eyeing Deal
Mar 27 2020 // The stock market turmoil triggered by the coronavirus pandemic is raising worries that Pacific Gas & Electric’s $13.5 billion settlement with victims of catastrophic wildfires may be worth far less by the time...
How to Manage Risk in a Hardening Market
Mar 23 2020 // A financial market that’s in correction territory, coronavirus pandemic fears and an insurance industry hard market for the first time in years. Are these issues related or becoming more so? What’s an insured...
Return-to-Work Rates on the Rise in Texas Workers’ Comp System: Report
Mar 12 2020 // The return-to-work (RTW) rate for employees in the Texas workers’ compensation system who received temporary income benefits (TIBs) for their injuries increased by 5% over the decade from 2007 to 2017. That’s...
Florida Carriers Seek Staggering Rate Increases Amid Market Turmoil
Feb 25 2020 // It’s no surprise that Florida carriers are raising homeowners’ insurance rates given several years of catastrophes and losses from litigation related to assignment of benefits and water damage claims. What may...
California Commissioner, Lawmakers Intro ‘Hardened Homes’ Wildfire Bill Requiring Admitted Market to Offer Coverage
Feb 18 2020 // A newly proposed bill would clarify under California law the concept of “hardened homes” that are safer or more resistant to wildfires and then require admitted carriers to cover those homes. California’s...
Vermont Governor Announces Decreases in Workers’ Comp Rates
Feb 14 2020 // Vermont Governor Phil Scott announced that rates for workers’ compensation premiums will drop by about 11% when new rates take effect in April. Scott’s administration said the reductions are part of a trend in...
