Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
Marsh: US Commercial Lines Rates Up 3% in Q4 2023
Feb 19 2024 // Broker Marsh said the composite rate change at renewal for U.S. commercial lines was up 3% in the fourth quarter 2023, led by an 11% increase in property rates. The Marsh Global Insurance Market Index said it was the 25th...
Allstate Reports $276M in January Cat Losses, Updates Rate Increases
Feb 15 2024 // Allstate Corp. on Thursday reported January pretax catastrophe losses of $276 million. The Northbrook, Illinois-based insurer reached its $150 million threshold to report catastrophe losses following several months of low...
Casualty Reinsurance Renewals See Modest Price Hikes Despite Social Inflation: AM Best
Feb 15 2024 // Reinsurers in general maintained adequate capacity for casualty programs, despite concerns about social inflation and some recent reserve strengthening actions, according to a report from AM Best. For reinsurers, a...
Continued Growth for Surplus Lines in 2023 as Premiums Up 14.6%
Feb 14 2024 // The excess and surplus lines market continued to grow in 2023, with premium reaching nearly $73 billion according to data from 15 state surplus lines office release by the Wholesale & Specialty Insurance Association...
Castle Key’s 54% Condo Rate Hike Gets Hearing, Showing New Pressures in Florida
Feb 13 2024 // The Florida Office of Insurance Regulation next week will hold hearings on two property insurers’ requests for 54% average rate increases, one of which has already affected more than 105,000 condominium unit...
Allstate Reverses Q4 Loss With Benefit of Low Cat Losses, Auto Rate Increases
Feb 8 2024 // Allstate Corp. fourth quarter 2023 net income attributable to common shareholders was about $1.5 billion, reversing a loss of $303 million during the same time the prior year. Allstate CEO Tom Wilson said “improved...
North Carolina Commissioner Rejects Proposed 42% HO Rate Hike, Sets Hearing Date
Feb 7 2024 // North Carolina Insurance Commissioner Mike Causey has rejected an average 42% hike in homeowners insurance rates proposed in January by the state’s rate bureau, setting the stage for a public hearing and...
Marsh: ‘Stable’ Q4 Commercial Rate Increase of 2%
Feb 5 2024 // Broker Marsh said global commercial insurance rates increased by 2% at renewal in the fourth quarter of 2023, marking the 25th straight quarter of rate increases. “At a time of much global economic uncertainty,...
Marsh: US Commercial Lines Rates Up 3% in Q4 2023
Feb 5 2024 // Broker Marsh said the composite rate change at renewal for U.S. commercial lines was up 3% in the fourth quarter 2023, led by an 11% increase in property rates. The Marsh Global Insurance Market Index said it was the 25th...
Hard Market Prices Continue
Feb 5 2024 // While not news to independent agents, commercial lines renewal rates rose again in the fourth quarter of 2023 — another sign that the hard market is here to stay — at least through 2024. According to the Ivans...
What’s to Come in 2024: Hard Market, AI Expansion, More Catastrophes, Network Consolidation
Feb 5 2024 // No one can predict the future, but insurance professionals are likely the best qualified when it comes to predicting risk. For this special report, Insurance Journal asked industry thought leaders their predictions for the...
3 Areas for Agents to Focus Growth Efforts in 2024 As the Hard Market Continues
Feb 5 2024 // We are obviously in one of the most intense hard markets of the last several decades. While much has been said and written about how to navigate the challenges the market is creating for agents, I’d like to take a...
Reinsurance Market Likely to Begin Softening in 2025 as Capacity Rises in 2024: Fitch
Jan 25 2024 // Reinsurers’ underwriting margins are expected to peak in 2024 on the significant price rises and tighter terms and conditions achieved during 2023 and in the January 2024 renewals, which will likely lead to softer...
Compared to Prior Quarter, All Commercial Lines Saw Renewal Rate Up in Q4: Ivans
Jan 24 2024 // Ivans Index found the average premium renewal rate increased year-over year for all major commercial lines except workers’ compensation, but every line of business averaged rate increases at renewal during the last...
Carolina Homeowners Give an Earful on Proposed 42% Average HO Rate Increase
Jan 23 2024 // North Carolinians have had plenty to say about a proposed homeowners insurance rate increase that could, on average, raise rates in the state by double digits. At a public forum held online and in Raleigh, homeowners...
Are Florida Insurance Premiums Hurting the Real Estate Market? Sales Down, Prices Up
Jan 22 2024 // State and national news reports have raised questions about the impact that high property insurance premiums in Florida have had on the real estate market and if the costs are prompting some residents to consider moving...
Higher Auto Claims, More Frequent Accidents Continue to Outpace Premium Hikes
Jan 22 2024 // As claim severity rises, U.S. personal auto results are on the decline, according to AM Best’s Market Segment Report, issued in December 2023. The 112.2 net combined ratio in 2022 for personal auto was an almost...
Commercial Property Rates Not Expected to Increase at Same Pace as 2023: USI
Jan 16 2024 // A new USI Insurance Services report forecasts that in 2024, commercial property insurance rates “are expected to increase, but not at the same pace as seen in 2023.” “Our forecast calls for 5% to 15% rate...
Prepare for the Soft Market: Why You Need to Set Performance Metrics Now
Jan 11 2024 // Executive Summary: Companies need to enact long-term performance measurement and strategies for underwriting discipline across the underwriting cycle because evidence suggests underwriters will not impose it themselves,...
Progressive Files for 19.78% Auto Insurance Rate Increase in West Virginia
Jan 10 2024 // Less than a month after Farmers Direct Insurance filed for a hefty rate increase on West Virginia auto liability policies, Progressive has followed suit with an almost identical request. The West Virginia insurance...
