Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
Agency E&O Buyers Report Fewer Price Hikes But Overall Premiums Still Up
Nov 6 2023 // Fewer agencies reported increases in premium on their agency errors and omissions renewal policies from 2022 to 2023, according to Insurance Journal’s annual Agency E&O survey which polls buyers of the coverage...
World’s Ghost Fleet in Focus Over US Russian Price-Cap Crackdown
Oct 26 2023 // U.S. penalties on shippers transporting Russian oil in breach of the G7’s price cap could push more Russian cargoes onto vessels referred to as the ghost fleet and away from mainstream tankers, shipping sources and...
Viewpoint: Get Ready Now for the Soft Market (Because It’s Coming)
Oct 24 2023 // Executive summary: Tony Buckle and John Carolin, co-founders of the boutique insurance consultancy UWX, analyze underwriter motivation during the soft phase of the market cycle. While average market prices are the hardest...
Report: Young Driver Fatality Rates in the US Have Fallen Sharply
Oct 23 2023 // Crash and fatality rates among drivers under 21 have fallen dramatically in the U.S. during the past 20 years, a new report says, while noting young drivers are still the riskiest group behind the wheel. Using data from...
Hannover Re’s Germany Unit Expects Further Price Hikes at January Renewals
Oct 23 2023 // E+S Rückversicherung AG, the Hannover Re subsidiary responsible for the group’s German business, expects further price increases and improved conditions during the Jan. 1, 2024 reinsurance renewals. Natural...
UK Commercial Property Defaults Rise as Rate Hikes Hit Borrowers
Oct 17 2023 // The number of soured commercial real estate loans has begun to rise in the UK as the rapid increase in interest rates feeds through to property valuations. The overall default rate on UK commercial real estate debt reached...
Homeowners Face Rising Insurance Rates as Climate Change Makes Wildfires, Storms More Common
Oct 16 2023 // A growing number of Americans are finding it difficult to afford insurance on their homes, a problem only expected to worsen because insurers and lawmakers have underestimated the impact of climate change, a new report...
Delaware Workers’ Compensation Rates to Fall 7% and 11% in December
Oct 12 2023 // Insurance Commissioner Trinidad Navarro announced that Delaware’s workers’ compensation rates will decrease for the seventh year in a row, effective December 1, 2023. The voluntary market is expected to...
Survey: Cyber Budgets, Insurance Premium Jump Across Sectors
Oct 10 2023 // Budgets and insurance policy costs have increased exponentially despite doubts surrounding efficacy of cyber practices, according to a recent survey gauging cybersecurity practices among global debt issuers conducted by...
Iowa Farmers Eligible for $5 per Acre Discount on Spring Crop Insurance Premiums for Planting Fall Cover Crops
Oct 5 2023 // Iowa farmers and landowners who plant fall cover crops will soon have the opportunity to apply for a $5 per acre discount on their spring crop insurance premiums, Iowa Secretary of Agriculture Mike Naig announced. Farmers...
Freight Rates for Grain Exports via New Black Sea Corridor Fall Sharply, Ukraine Says
Oct 2 2023 // A new corridor allowing cargo vessels to carry Ukrainian grain and iron ore from Black Sea ports has significantly lowered freight rates and they are likely to fall further, Ukraine’s farm minister said on...
Policygenius Finds Average Home Insurance Prices Up 21%
Oct 2 2023 // Online insurance marketplace Policygenius has found that home insurance premiums at renewal increased 21% on average from May 2022 to May 2023. The state that saw the highest average increase for homeowners insurance...
Texas Comptroller: State Revenue Driven by Increasing Insurance Premiums
Sep 29 2023 // When Texas lawmakers meet next month for a special session on funding public education, they will have more money available to them to spend than they anticipated when they passed the state’s $321.3 billion budget...
Washington Proposes 4.9% Increase in Workers’ Comp Rates for 2024
Sep 20 2023 // The Washington State Department of Labor & Industries is proposing a 4.9% increase in the average hourly rate employers and workers will pay for workers’ compensation insurance next year. If adopted, the increase...
Woodruff Sawyer: Softer D&O Market Still Offers Concerns for Underwriters
Sep 19 2023 // While concerns about a “tsunami of pandemic-related litigation” never quite materialized, according to Woodruff Sawyer in its latest D&O Looking Ahead Guide for 2023, those fears have been replaced with a...
Australia’s New Hope to Ramp Up Coal Output, Sees Modest Insurance Premium Hikes
Sep 19 2023 // Australian miner New Hope Group’sCEO Rob Bishop said on Tuesday plans are progressing to double output over the next three years to meet an expected surge in demand for coal-fired power, after reporting a nearly 11%...
California Regulators Propose Higher Rates for PG&E Customers to Reduce Wildfire Risk
Sep 15 2023 // Power bills for about 16 million people in Northern California will likely increase after state regulators released two rate proposals for one of the nation`s largest utilities. The California Public Utilities Commission...
Policygenius Finds Average Home Insurance Prices Up 21%
Sep 14 2023 // Online insurance marketplace Policygenius has found that home insurance premiums at renewal increased 21% on average from May 2022 to May 2023. The state that saw the highest average increase for homeowners insurance...
Q2 US Commercial Lines Prices Up 6.1%: WTW
Sep 12 2023 // According to WTW’s Commercial Lines Insurance Pricing Survey (CLIPS), commercial insurance prices in the U.S. continued to increase in the second quarter. The quarterly survey, answered by insurance carriers,...
Reinsurance Rates to Rise in 2024, Soften in 2025: Fitch
Sep 8 2023 // Reinsurance rates are likely to continue to rise in 2024, though at a slower pace than in 2023, and prices will start to fall in 2025, Fitch Ratings analyst Robert Mazzuoli told Reuters on Thursday. Reinsurers – who...
