Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
Insurers View New Car Sales Rise in California as More Evidence for Rate Filings
Mar 6 2023 // New figures show car sales in California continue to slowly return to pre-pandemic levels, which the state’s auto insurers believe is another indication the state’s insurance regulator needs to approve more...
Architects & Engineers Insurers Seek More Rate Increases: Ames & Gough
Mar 1 2023 // According to a new survey from specialty broker Ames & Gough, insurers of professional liability for architects and engineers are planning additional rate increases to keep pace with rising claims costs, a backlog of...
Progressive CEO: Early Rate Actions Helped Growth
Feb 28 2023 // Progressive Corp. posted full-year 2022 net income of $721.5 million, down about 78% from net income of $3.35 billion the prior year, due to losses in its investment portfolio. However, Chief Executive Officer Tricia...
Commercial Insurance Price Increases Stay Level But Clients Still Worried: CIAB
Feb 24 2023 // “Stabilization” and “moderation” continued to be the operative words for premium increases in the commercial property/casualty market, but many clients remain concerned about future hikes, according...
Declines in Maternal Death Rates Stall Amid Increases in U.S., EU
Feb 24 2023 // Declines in pregnancy- and childbirth-related deaths that took place over a decade and a half have stalled since 2015, as rates increased in some of the world’s wealthiest regions. Maternal mortality increased by 17%...
With Rate Increases Still Pending, Lemonade Is Slowing Growth in ’23
Feb 23 2023 // Executives of insurtech Lemonade say they’re slowing down growth in 2023, as the company waits for regulators to approve rate hikes needed to keep up with inflation. “So long as these mismatched pockets...
Global Commercial Insurance Rates Rise 4% in Q4, Continuing Moderating Trend: Marsh
Feb 20 2023 // Global commercial insurance prices increased 4% in the fourth quarter of 2022, down from a 6% increase in Q3 and a 9% increase in Q2, which is a continuation of a trend of moderating increases that began in Q1 2021,...
Allstate: $307M in January Cat Losses and Keeps the Auto Rate Hikes Coming
Feb 17 2023 // Allstate Corp. said it estimated catastrophe losses for the month of January of $307 million, or $243 million after-tax from nine events primarily in Texas and California. Catastrophe losses for the January events were...
31% of Workers Filing COVID Claims Suffer Long-Term, but Rate Declining: New York Fund
Feb 10 2023 // A report released this month by New York State Insurance Fund found that 31% of workers who filed claims for COVID-19 continued medical treatment or took time off work more than 60 days after the initial...
Insurers View New Car Sales Rise in California as More Evidence for Rate Filings
Feb 9 2023 // New figures show car sales in California continue to slowly return to pre-pandemic levels, which the state’s auto insurers believe is another indication the state’s insurance regulator needs to approve more...
Business as Usual Won’t Work in a Hard Market: 4 Steps to Help Your Agency Come Out on Top
Feb 6 2023 // Prices are increasing. Customers are at risk of being underinsured. They have questions. And your phone is starting to ring more. Many agents were already struggling with staffing post-pandemic. But with historically...
North Carolina Rate Bureau Files for 28% Increase in Auto Insurance Rates
Feb 3 2023 // The North Carolina Rate Bureau is asking for a 28% increase in auto insurance rates for the state, an increase that will likely be slashed significantly by the state Department of Insurance. The average statewide increase...
Global Commercial Insurance Rates Rise 4% in Q4, Continuing Moderating Trend: Marsh
Feb 3 2023 // Global commercial insurance prices increased 4% in the fourth quarter of 2022, down from a 6% increase in Q3 and a 9% increase in Q2, which is a continuation of a trend of moderating increases that began in Q1 2021,...
Allstate Reports $310M Q4 Loss as Auto Claims Costs Motor Past Rate Hikes
Feb 2 2023 // As it had warned last month, Allstate Corp. reported a fourth quarter 2022 loss of $310 million as losses from auto insurance outpaced an increase in revenue. Results were in comparison to net income of $790 million for Q4...
Western Tankers Ramp Up Russian Oil Shipments as Prices Remain Below G7 Price Cap
Feb 1 2023 // Western oil tankers ramped up their shipments of Russian crude in January as prices for Moscow’s flagship Urals grade held below an international price cap, according to market sources and Eikon data. The Group of...
Hardening Construction Market Gives Way to Rise of Captives
Jan 25 2023 // Amid a historically hard construction market, middle and large-sized companies looking for alternatives to traditional insurance may turn to captives to find stable pricing and greater capacity. Captives, licensed...
Vermont Workers’ Compensation Rates to Fall Again
Jan 25 2023 // Vermont businesses will see another rate decrease in workers’ compensation insurance in 2023. This will mark the seventh consecutive year of rate reductions. The loss cost decrease of an average 6.7%, which takes...
Cat-Exposed Property Highlights Q4 Rate Increases: MarketScout
Jan 6 2023 // According to MarketScout’s Market Barometer, the fourth quarter 2022 composite rate for U.S. commercial lines of insurance was up 5.1%. The Dallas-based distribution and underwriting company said property insurance...
Not Time to Celebrate Soft Market but Commercial Insurance Rates Are Stabilizing
Dec 29 2022 // With last year’s 25% rate hikes for public directors and officers liability insurance dropping to 2.5%, and 150% hikes for cyber cover sinking to 25%, significant softening is forecast for some casualty lines in...
Louisiana Workers’ Comp Rates to Decrease 12.2% in 2023
Dec 22 2022 // Louisiana Insurance Commissioner Jim Donelon has approved the annual loss cost filing of the National Council on Compensation Insurance (NCCI) for a -12.2% reduction in workers’ compensation rates. The decrease,...
