In its market barometer update for the month of September, MarketScout CEO Richard Kerr said the hurricane season losses will put a halt to property rate reductions. “In fact,” he said, “we anticipate rate increases for coastal properties and offshore oil and gas operations.”
Kerr pointed that the “total loss to insurers could grow if losses applicable to Florida policyholders from Charley and Frances are deemed to be counted as a single loss and only one deductible is applied. The application of the deductible clause is unclear at this point.” Casualty rates continue to decrease, while composite rates held at 4 percent.
Topics Pricing Trends Property
Was this article valuable?
Here are more articles you may enjoy.
Surplus Lines Commercial Growth; Fla. Litigation Costs Reach New High in 2023 
Travelers Reverses Q2 Income Loss, Narrows Underwriting Loss 
Beryl’s Remnants Spawned 4 Indiana Tornadoes, Including an EF-3: NWS 
Allstate Seeking 34% Rate Hike on California Homeowners Insurance From This Issue
