Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
Mass Shooting Insurance Rates Jump as Incidents Rise
Jun 29 2022 // The cost of buying insurance protection against mass shootings has spiked more than 10% in the United States this year following a string of deadly events, insurers said. The United States witnessed 293 mass shootings so...
‘It’s Not Been Fun’: Cyber Insurance Brokers Seek Consistency as Hard Market Settles
Jun 29 2022 // Alexandra Bretschneider said it feels like she has been a part-time grim reaper the last two years. The cyber practice leader at broker Johnson, Kendall & Johnson said, “I am just constantly delivering bad...
People Moves: WTW’s Hires EY’s Mayers for Commercial Lines Pricing, Underwriting; Hiscox Names Flaquet to Newly Created Role of Group COO
Jun 28 2022 // This edition of International People Moves details appointments at Willis Towers Watson (WTW) and Hiscox. A summary of these new hires follows here. WTW’s Hires EY’s Mayers for Commercial Lines Pricing,...
Florida OIR Trims Citizens’ HO Rate Increase to 6.4%
Jun 27 2022 // Five months ago, Citizens Property Insurance Corp. filed for a near-maximum-allowed rate increase for most of its policies, citing the need to continue depopulating the rapidly growing insurer of last resort. Last week,...
After Halting New Business in Florida, Bankers Faults Reinsurers’ Excessive Price Hikes
Jun 27 2022 // Two more Florida property insurers have stopped accepting new business in the state. One of them blamed it partly on unfair and unexpectedly large price increases from reinsurers this year. The other carrier said that,...
Nothing’s Easy in Hard-Working Contractors’ Market; Risks Include Inexperienced Workers, Inflated Costs and Inferior Materials
Jun 20 2022 // No other industry has weathered a global pandemic, economic changes, and a decade-long shortage of skilled labor better than the construction industry. Contractors have shown they are a hardy bunch, adapting to a hard...
Global Re/insurers See Average Premium Increases of 11% in Q1
Jun 6 2022 // Premium growth during the first quarter of 2022 saw an average increase of 11%, which was supported by continued favorable pricing for commercial insurance lines and reinsurance business, according to a report from...
Cyber Insurance Premiums Up 27.5% to Lead All Lines in Q1: CIAB
Jun 6 2022 // According to The Council of Insurance Agents & Brokers’ (CIAB) Commercial Property/Casualty Market Index, capacity for cyber insurance may be decreasing while demand is increasing, which could have driven cyber...
Home, Commercial Rate Hikes Not Enough to Offset Construction Costs
Jun 6 2022 // To counteract rising construction material costs that have increased about 26.7% the first four months of 2022, personal and commercial property insurers will continue to gradually increase rates, said Moody’s...
Report: California Workers’ Comp Written Premium for 2021 Down 2%
Jun 6 2022 // California written premium for 2021 was 2% below 2020 and 14% below 2019, a new report shows. The Workers’ Compensation Insurance Rating Bureau of California issued released its quarterly experience report, an update...
7.9% Average Rate Increase for North Carolina Homeowners Kicks in This Week
Jun 3 2022 // Starting this week, North Carolina homeowners will see insurance premiums rise by an average of almost 8% for new and renewing policies, after a negotiated rate increase took effect June 1. The North Carolina Rate Bureau...
Cyber Insurance Premiums Up 27.5% to Lead All Lines in Q1: CIAB
May 31 2022 // According to The Council of Insurance Agents & Brokers’ (CIAB) Commercial Property/Casualty Market Index, capacity for cyber insurance may be decreasing while demand is increasing, which could have driven cyber...
Global Re/insurers See Average Premium Increases of 11% in 1st Quarter: Gallagher Re
May 31 2022 // Premium growth during the first quarter saw an average increase of 11%, which was supported by continued favorable pricing for commercial insurance lines and reinsurance business, according to a report from Gallagher...
Report: California Workers’ Comp Written Premium for 2021 Down 2%
May 26 2022 // California written premium for 2021 was 2% below 2020 and 14% below 2019, a new report shows. The Workers’ Compensation Insurance Rating Bureau of California issued released its quarterly experience report, an update...
Home, Commercial Rate Hikes Not Enough to Offset Construction Costs: Moody’s
May 19 2022 // To counteract rising construction material costs that have increased about 26.7% the first four months of 2022, personal and commercial property insurers will continue to gradually increase rates, said Moody’s...
Asked to Rethink 41% Rate Increase, Florida Farm Bureau Did. New Request is Higher
May 18 2022 // When Florida Farm Bureau Insurance companies filed for a 41% rate increase for homeowners last December, the Florida Office of Insurance Regulation asked company actuaries to sharpen their pencils, review all data and try...
Three More Florida Insurers Asking for Big Rate Hikes at Hearings
May 17 2022 // The Florida Office of Insurance Regulation held hearings Tuesday on major rate increases from three more property insurers: Florida Farm Bureau, First Floridian, and Kin Interinsurance Network. The Kin and First Floridian...
Rapid Cyber Premium Growth by Fairfax, Tokio Marine Increased Share of Market
May 16 2022 // The top cyber insurance carriers in 2021 shifted to include Fairfax Financial Holdings and Tokio Marine U.S. as the marketplace grew 74% to over $4.8 billion, according to a report from Fitch Ratings. Overall, the top...
Zurich Reports Strong Growth in Q1, Driven by Rising Commercial Insurance Rates
May 13 2022 // Zurich Insurance Group has made a strong start to the year and expects to exceed all its financial targets for 2022, despite ongoing inflationary pressures. The company has minimal exposure to the war in Ukraine. Premium...
UK’s Terrorism Reinsurer Pool Re to Reduce Reinsurance Pricing for Insurers
May 10 2022 // Pool Re, Britain’s leading terrorism reinsurer, announced the most significant reduction in its reinsurance pricing in 20 years. The reduction, which will come into effect in October 2022, will vary according to...
