Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
U.S. Surplus Lines Premium Up 22% in 2021
Feb 7 2022 // Surplus lines premium increased 22% and transactions rebounded almost 6.6% over their 2020 totals in the 15 states with designated surplus lines’ stamping offices. The increases represented record levels of premium...
Kemper Eyes Rate Hikes, Agency Cancellations to Regain Footing After Q4 Fall
Feb 3 2022 // Kemper Corp. said it is taking rating and other actions, including canceling some agents, as it seeks to recover from inflation-riddled fourth quarter financial results. Kemper Corp. reported a net loss of $105.8 million...
U.S. Surplus Lines Premium Up 22% in 2021
Jan 26 2022 // Surplus lines premium increased 22% and transactions rebounded almost 6.6% over their 2020 totals in the 15 states with designated surplus lines stamping offices. The increases represented record levels of premium ($51...
Loss Costs Outpace Increase in Premiums for U.S. P/C Industry Through Q3
Jan 25 2022 // Direct-premium production for the U.S. P/C industry through the third quarter 2021 improved as insurers increased rates, but adverse trends in loss costs for many lines of business continue to dampen profitability. Through...
Despite Mitigation, Cyber Attacks, Rate Hikes to Continue in 2022
Jan 24 2022 // As dramatic as escalating ransomware attacks and rapidly climbing cyber insurance rates have been in 2021, both trends will continue to be a nuisance in 2022, according to an expert from Fitch Ratings. “It is...
Florida OIR To Hold Hearings Friday on Big Rate Increases for Three Carriers
Jan 20 2022 // Florida regulators will hold hearings Friday, Jan. 21, on another round of hefty rate hikes requested by property insurers facing losses in the state’s distressed property insurance market. Southern Fidelity...
Connecticut Approves 14.1% Workers’ Compensation Pure Premium Reduction
Jan 13 2022 // The Connecticut Insurance Department has approved a filing with decreases of 14.1% to workers’ compensation pure premium lost costs, and an 8.2% reduction in assigned risk rates. The decreases, effective January 1,...
Many Re/Insurance Buyers Are ‘Frustrated’ With Multiple Years of Price Rises
Jan 5 2022 // Frustration is setting in for commercial insurance buyers subjected to multiple years of price rises, especially those that have improved their risk profiles by de-risking and elevating risk management, according to a...
Despite Mitigation Efforts, Cyber Attacks and Rate Hikes to Continue in 2022
Jan 5 2022 // As dramatic as escalating ransomware attacks and rapidly climbing cyber insurance rates have been in 2021, both trends will continue to be a nuisance in 2022, according to an expert from Fitch Ratings. “It is...
Louisiana Workers’ Comp Rates to Decrease 10.5% in 2022
Dec 29 2021 // Louisiana Insurance Commissioner Jim Donelon has approved a 10.5% reduction in workers’ compensation rates for 2022. The decrease is set to take effect May 1, 2022. Louisiana has seen workers’ compensation...
Voluntary Comp Rates Drop Again in South Carolina; Assigned Risk Multiplier to Rise
Dec 22 2021 // Workers’ compensation insurance rates for the voluntary market will drop next year in South Carolina, but the loss cost multiplier for the assigned risk sector will climb again, thanks to another year of excessive...
Citizens’ Board Requests Larger Than Expected Rate Hike for Florida Homeowners
Dec 16 2021 // The board of governors for Citizens Property Insurance Corp., Florida’s state-backed insurer of last resort, wants the maximum allowed rate increase – 11% for next year and 12% for 2023 – in an effort to stem the...
Rising Reinsurance Prices and Demand Help to Create Stable Sector Outlook: AM Best
Dec 9 2021 // AM Best is maintaining a stable market segment outlook for the global reinsurance segment, citing in part the ongoing positive pricing momentum driven by rising loss cost inflation, enhanced underwriting discipline,...
Property Catastrophe Reinsurance Renewal Rates to Rise by More Than 10%: Fitch
Dec 7 2021 // Reinsurance rates are expected to increase by more than 10% in catastrophe-related lines of business when contracts are renewed in January 2022, which supports an improving sector outlook for 2022, according to Fitch...
Florida Growth Will Mean More Cat Losses; Premiums Must Rise – Summit
Dec 6 2021 // With good news comes bad, and vice-versa in Florida’s growing but rapidly deteriorating property insurance market, industry analysts said at a two-day Florida Chamber of Commerce Insurance Summit last week. First,...
Average Price of Washington Workers’ Comp Going up Slightly in 2022
Nov 30 2021 // The Washington Department of Labor & Industries announced a 3.1% increase in the average worker’s compensation premium rate for hours worked in 2022. “A modest hike is needed because of the rising costs to...
Delaware Workers’ Compensation Insurance Rates to Decrease for Fifth Year
Nov 30 2021 // Delaware Insurance Commissioner Trinidad Navarro announced that workers’ compensation insurance rates in the state will decrease for the fifth year in a row, effective December 1, 2021. The voluntary market is seeing...
North Carolina Homeowners Premiums to Rise 7.9% on Average
Nov 24 2021 // North Carolina homeowners will see insurance premiums climb an average of 7.9% next year, but that’s much less of an increase that a state rating bureau had requested, the state insurance commissioner announced. The...
P/C Insurers’ Increased Reliance on Reinsurance Portends Premium Hikes
Nov 18 2021 // American International Group Inc. and other insurers avoided steep losses from a spate of extreme weather this year thanks in part to the reinsurance industry. But increased reliance on those policies probably means price...
Rise in Insurance Demand Likely to Break Premium Records in 2022: Swiss Re
Nov 17 2021 // Strong growth and record premiums are projected for the global insurance industry, as demand for risk protection increases, according to Swiss Re Institute’s latest sigma study. The global insurance market is set to...
