Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
U.S. Surplus Lines Industry Grew Premium 17.5% in 2020
Sep 16 2021 // The U.S. surplus lines market experienced direct premium growth of 17.5% in 2020, the largest year-over-year premium increase since 2003, according to an AM Best report. The 2020 increase in direct premium written comes on...
P/C Mutual Insurers Continued to Grow Premiums in 2020 Despite Givebacks
Sep 15 2021 // U.S. P/C mutual insurance companies held their own in 2020 despite returning significant levels of premiums during the pandemic. In fact, net premiums written grew by 1.4 percent even with all the givebacks, according to a...
Most Commercial Lines Continuing to Win Healthy Price Increases
Sep 14 2021 // While aggregate U.S. commercial insurance price hikes continue to moderate, most lines are still producing robust price increases, according to Willis Towers Watson. Excess/umbrella produces significant price increases...
Global P/C Premiums Likely to Double by 2040, but Motor Growth Will Slow: Swiss Re
Sep 8 2021 // Global property/casualty premiums are expected to more than double to US$4.3 trillion in 2040 from US$1.8 trillion in 2020 – growth driven by economic development, urbanization and climate change, according to Swiss...
Global Reinsurance Rates, Demand to Continue Rising in 2022
Sep 7 2021 // Global reinsurance rates are likely to continue rising next year after several years of increases, though the pace of increase may slow, ratings analysts said on Tuesday. Reinsurance rates have been rising in the past few...
Florida Workers’ Comp Rates Set to Decrease, Again
Sep 3 2021 // Florida workers’ compensation rates are set to decline again as the National Council on Compensation Insurance (NCCI) has proposed a statewide rate decrease of 4.9% in the voluntary market. The rates would take...
Agencies Ride Commercial Prices, Reopened Economy to Record Organic Growth
Aug 17 2021 // Buoyed by the hard market and rebounding economy, Independent insurance agents and brokers grew overall by 7.1% in the second quarter, surpassing the 6.9% organic growth reported eight years ago in the second quarter of...
Healthcare Costs, Premiums Likely to Rise for Years Due to COVID-19
Aug 16 2021 // Health implications related to COVID-19 will continue to drive elevated health system utilization long after the acute phase of the pandemic has concluded, likely leading to increasing costs and higher insurance premiums...
California Workers’ Comp Written Premium Down 13%, Report Shows
Aug 16 2021 // California workers’ compensation written premium for the first quarter of 2021 was 13% below that for the first quarter of 2020, according to a quarterly experience report issued by the Workers’ Compensation...
Mitigation Takes Center Stage in Hardening Cyber Market
Aug 16 2021 // Hard markets are nothing new — agents have dealt with them for decades and the forces that trigger them, including more frequent and severe natural disasters and years of soft pricing. With the hardening market in...
Increasing COVID-19 Vaccination Rates in Florida, Texas Could Have Saved 4,700 Lives Through July
Aug 13 2021 // The success of COVID-19 vaccination campaigns in many states demonstrates the real-world feasibility, and impact, of achieving high vaccination coverage. By the end of July, the five highest-performing states — Vermont,...
How Material, Labor Price Hikes Are Affecting Property Insurance
Aug 11 2021 // The COVID-19 pandemic is causing a sharp increase in the price of materials and labor and driving increases in property claim costs, experts said during a webinar hosted by ATI Restoration last week. “We’ve...
TWIA to File for Rate Increase; TDI Proposes Member Assessment Rule Change
Aug 6 2021 // The property insurer of last resort for wind and hail in counties along the Texas coast will file for a 5% rate hike for both residential and commercial properties in its required annual filing with the Texas Department of...
Progressive Insurance Hurt by Rise in Auto Claims, Low Premiums in Q2
Aug 6 2021 // Progressive Corp. reported a 56% decrease in net income to $790.1 million for the second quarter. Net income was down 9% for the first six months. The company said the largest contributor to the year-over-year decreases...
Rate Hikes, Investments Help AIG Get Back to Profit in Q2
Aug 6 2021 // American International Group generated a modest profit in the second quarter, citing gains from higher net investment income, far fewer catastrophe losses and strong rate hikes in its property/casualty business. The...
California Workers’ Comp Written Premium Down 13%, Report Shows
Aug 4 2021 // California workers’ compensation written premium for the first quarter of 2021 was 13% below that for the first quarter of 2020, according to a quarterly experience report issued on Wednesday by the Workers’...
Texas Surplus Lines Premiums Rise to $947.48M, an All-Time High
Aug 2 2021 // Texas set another record in June for the amount of surplus lines premium recorded by the Surplus Lines Stamping Office of Texas (SLTX). The $947.48 million in premium reported in June brings the year-to-date total to $4.58...
Aon’s Price Tag for Scrapped Deal to Buy Willis Rises to $1.4B
Aug 2 2021 // Insurance broker Aon Plc said on Friday it could have to expend up to $400 million in additional costs tied to the termination of its mega merger deal with Willis Towers Watson, over and above the $1 billion it was...
Global P/C Industry Sees Strongest Rate Hikes in 20 Years but Inflation Headwinds Loom
Aug 2 2021 // Robust global economic recovery, higher risk awareness and the strongest rate hardening for 20 years in non-life insurance commercial lines will combine to push premiums 10% above pre-COVID-19-crisis levels this year,...
5.44% Workers’ Comp Rate Decrease OK’d in Wisconsin
Aug 2 2021 // Wisconsin Insurance Commissioner Mark Afable approved an overall 5.44% decrease in workers’ compensation insurance rates, effective Oct. 1, 2021. It’s the sixth straight year of rate decreases in Wisconsin,...
