Insurance Pricing News

Commercial Lines Rates Up 5% in November: MarketScout

The overall composite rate for insuring commercial accounts in the United States ticked up 5 percent in November 2012 compared to the same month in 2011. According to MarketScout’s Commercial Lines Market Barometer, by coverage classification, property, excess liability, general …

ABI Analyzes Effect of Upcoming Gender-Neutral Insurance Pricing

With one month to go until gender-neutral pricing becomes mandatory in the UK, the Association of British Insurers (ABI) stressed that “the insurance market will remain competitive despite the ruling and has published key consideration points for consumers set to …

Commercial Lines Pricing Jumps 6% in Q2: Towers Watson

Commercial insurance prices experienced the largest rise in eight years, a new industry survey reveals. In aggregate, commercial lines pricing jumped by 6 percent during the second quarter of 2012, the sixth consecutive quarter aggregate prices rose for all commercial …

How Predictive Modeling Has Revolutionized Insurance

The use of predictive modeling has forever changed the way insurance policies are priced. The revolutionary tool allows insurers to design ever-more-sophisticated models that tap ever-more-detailed data sets to refine precisely how much each customer should be charged. Casualty actuaries …

Travelers: Q4 Profit Down But Pricing Rebounds Sharply

Travelers Companies Inc. reported a smaller profit for the fourth quarter, as it released less money from its reserves than a year earlier, though it also reported its biggest rate increases in eight years as the industry returned to pricing …

Despite Losses, Insurers Not Hiking Prices Broadly

Despite more than $100 billion in disaster losses around the world this year, insurers are not yet experiencing a broad and sustained increase in pricing power, defying predictions from a year ago that even half those losses would be enough …

Marsh Advises Risk Managers As C-Suite Expectations Rise

Global insurance broker Marsh held a webcast on Sept. 21, where the firm’s analysts shared their views on the current business environment including the effects of Hurricane Irene and other catastrophes. The broker also offered an array of advice for …

Soft Market Is Ending, Really It Is, Says SNL Financial

Could the soft market finally be over? A new analysis concludes that insurance prices are rising and the prolonged soft market is ending, contrary to earlier reports from other analysts. Virginia-based SNL Financial says personal lines pricing is definitely hardening …

North Carolina Insurers Seek Rate Hike on Dwelling Fire Policies

North Carolina insurers are looking to raise rates from 7 percent to 25 percent, or an average 20.9 percent statewide, for 2011 on dwelling fire and extended coverage policies. If approved the higher rates would affect about 570,000 policyholders, with …

Iowa to Allow Broad Public Access to Wellmark Rate Increase Hearing

Iowa’s Insurance Commissioner Susan Voss announced that she has made arrangements for unprecedented access to a Jan. 6, 2011, hearing that will be held at the Iowa Insurance Division, 330 Maple Street, Des Moines, Iowa. The topic of the hearing …