Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
MarketScout: 2023 US Commercial Composite Rate Up 4.56%
Jan 10 2024 // According to the MarketScout Market Barometer, U.S. commercial property/casualty insurance rates rose 5.6% in the fourth quarter of 2023, resulting in a total composite rate increase of 4.56% for the whole of...
North Carolina Rate Bureau Wants 42% Hike in Residential Property Insurance Rates
Jan 8 2024 // The North Carolina Rate Bureau, basing its calculations on input from 197 property insurance companies, has asked for a 42% average increase in homeowners insurance rates, to take effect Aug. 1. The rate bureau’s...
Navigating the Hard Market: 4 Strategies for Brokers to Contend with Constraints in Gulf Coast States Property Insurance
Jan 8 2024 // This post is part of a series sponsored by IAT Insurance Group. U.S. coastal areas, particularly Gulf Coast states like Florida, Louisiana and Texas, have been hit hard in the past decade by climate change-related natural...
January’s Property Cat Renewals See Biggest Price Hikes in Turkey, Italy and US
Jan 4 2024 // While the reinsurance market indeed stabilized during the January 2024 reinsurance renewals (from the chaotic January renewals of last year), buyers with loss-affected programs experienced further upward pressure on...
Louisiana Workers’ Comp Rates to Fall by 9% in 2024
Jan 2 2024 // Louisiana Insurance Commissioner Jim Donelon has approved a 9% reduction in workers’ compensation rates for 2024. The decrease will take effect in May 2024. Louisiana has seen workers’ compensation rates fall...
Litigation Abuse, Regulation, Hard Market Among Insurance Trades’ Priorities for 2024
Dec 27 2023 // Insurance trade organizations are always working for the industry so Insurance Journal asked them: What are the top priorities and/or challenges heading into 2024? Here are the responses we received: In the coming year,...
Farmers Direct Asks for 20% Auto Rate Increase in West Virginia
Dec 15 2023 // The West Virginia Insurance Commissioner’s Office is accepting comments on a proposed 19.9% auto liability insurance rate increase for Farmers Direct Property and Casualty Insurance Co. The proposed increase is one...
Higher Auto Claims, More Frequent Accidents Continue to Outpace Premium Hikes
Dec 12 2023 // As claim severity rises, US personal auto results are on the decline, according to AM Best’s latest Market Segment Report. The 112.2 net combined ratio in 2022 for personal auto was an almost 11-point deterioration...
Kansas Insurance Companies to See Reduced Surplus Lines Tax Rate in 2024
Dec 8 2023 // Insurance companies in Kansas will pay a reduced surplus lines tax rate beginning next year after the legislature passed a law lowering the surplus tax rate from 6% to 3% for tax years 2024 and after. Kansas insurance...
Attacks on Red Sea Shipping Menace 12% of Global Trade as War Risk Premiums Rise
Dec 6 2023 // Fresh attacks on vessels in the Red Sea are raising insurance premiums for ships in the region and menacing commerce in a conduit for 12% of world trade. War-risk premiums for some vessels have been climbing since shortly...
War Risk Insurance Rates Edge Up After Surge in Red Sea Ship Attacks
Dec 5 2023 // War risk insurance premiums edged up for Red Sea voyages after three vessels were attacked in the area on Sunday and fears grow over worsening perils for commercial shipping, maritime and insurance sources said on...
Washington Workers’ Comp Premium Rate Going up an Average of 4.9% in 2024
Dec 1 2023 // The Washington State Department of Labor & Industries announced a 4.9% increase in the average workers’ compensation premium rate for 2024. The increase, which takes effect Jan. 1, 2024, means employers and...
Missouri Employers Will See Reduced Workers’ Compensation Rates in 2024
Nov 30 2023 // The Missouri Department of Commerce and Insurance said that employers should see a reduction in workers’ compensation rates in 2024, the third straight year of declining rates. The NCCI recently proposed an overall...
Q3 2023 Signals Six Years of Premium Increases for Commercial Lines: CIAB
Nov 30 2023 // Overall commercial property/casualty premiums increased slightly more than 8% on average in the third quarter, marking six full years of steady increases. According to The Council of Insurance Agents and Brokers’ Q3...
New Jersey Workers’ Compensation Rates to Fall 3.9% for 2024
Nov 28 2023 // New Jersey’s insurance regulator has approved a 3.9% reduction in workers’ compensation and employer liability rates starting January 1, 2024. The approved statewide rate change is based on the latest financial...
The 4 Key Factors Contributing to Rising Insurance Rates
Nov 20 2023 // It’s no secret to buyers of almost any type of property/casualty insurance policy — home, auto, business — that rates are rising, regardless of whether claims have been submitted. People may also have...
Connecticut Approves 10% Rate Reductions for Workers’ Compensation for 2024
Nov 16 2023 // Businesses in Connecticut will receive a nearly 10% decrease in rates for workers’ compensation insurance beginning on January 1, 2024. The Connecticut Insurance Department has approved an annual workers’...
Average Premiums Keep Rising for Most Commercial Lines: IVANS
Nov 8 2023 // Ivan’s Index for the third quarter found the average premium renewal rate increased for all major commercial lines of business except workers’ compensation. Compared to the same period a year ago, Q3 2023...
Catalytic Converter Thefts Down by Half as Precious Metal Prices Drop
Nov 8 2023 // The number of insurance claims filed for catalytic converter thefts plummeted this year after rising dramatically in 2021 and 2022. National Insurance Crime Bureau data shows that as of Sept. 30, the number of claimed...
Despite Hard Market, P/C Combined Ratio Forecast Near 104 for 2023
Nov 6 2023 // Losses resulting from severe convective storms are expected to drive the 2023 net combined ratio for the property/casualty industry to 103.8, according to the latest underwriting projections by actuaries at the Insurance...
