Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
Florida Growth Will Mean More Cat Losses; Premiums Must Rise – Summit
Dec 6 2021 // With good news comes bad, and vice-versa in Florida’s growing but rapidly deteriorating property insurance market, industry analysts said at a two-day Florida Chamber of Commerce Insurance Summit last week. First,...
Average Price of Washington Workers’ Comp Going up Slightly in 2022
Nov 30 2021 // The Washington Department of Labor & Industries announced a 3.1% increase in the average worker’s compensation premium rate for hours worked in 2022. “A modest hike is needed because of the rising costs to...
Delaware Workers’ Compensation Insurance Rates to Decrease for Fifth Year
Nov 30 2021 // Delaware Insurance Commissioner Trinidad Navarro announced that workers’ compensation insurance rates in the state will decrease for the fifth year in a row, effective December 1, 2021. The voluntary market is seeing...
North Carolina Homeowners Premiums to Rise 7.9% on Average
Nov 24 2021 // North Carolina homeowners will see insurance premiums climb an average of 7.9% next year, but that’s much less of an increase that a state rating bureau had requested, the state insurance commissioner announced. The...
P/C Insurers’ Increased Reliance on Reinsurance Portends Premium Hikes
Nov 18 2021 // American International Group Inc. and other insurers avoided steep losses from a spate of extreme weather this year thanks in part to the reinsurance industry. But increased reliance on those policies probably means price...
Rise in Insurance Demand Likely to Break Premium Records in 2022: Swiss Re
Nov 17 2021 // Strong growth and record premiums are projected for the global insurance industry, as demand for risk protection increases, according to Swiss Re Institute’s latest sigma study. The global insurance market is set to...
Pinnacol in Colorado to Decrease Workers’ Comp Rates in 2022
Nov 15 2021 // Pinnacol Assurance in Colorado announced it will lower rates for the carrier’s 53,000-plus policyholders in Colorado by an average of 11% in 2022. The decrease will become effective Jan. 1, 2022. Pinnacol has...
North Carolina DOI Reaches Settlement on Mobile Home Rate Hikes
Nov 10 2021 // The North Carolina Department of Insurance has settled a months-long disagreement with the state’s rating bureau on mobile home insurance rates, resulting in an increase that’s about half of what insurers had...
AIG Europe’s Chief Executive Expects Slowdown in Insurance Rate Rises
Nov 5 2021 // Insurance premium rates are likely to continue to climb in Europe, the Middle East and Africa in 2022, but probably at a slower clip, the chief executive of AIG Europe said at the Reuters Future of Insurance Europe...
North Carolina Again Postpones Hearing on 25% Homeowners Rate Hike
Nov 1 2021 // A hearing set for today on a proposed 24.5% average increase in homeowners’ insurance rates has been postponed until Jan. 3, the North Carolina Department of Insurance announced. The rate increase was recommended by...
Global Commercial Insurance Rates Rise 15% in Q3 as Moderation Continues: Marsh
Nov 1 2021 // Global commercial insurance prices increased 15% in the third quarter of 2021, which was the same rate of increase recorded in the previous quarter, according to the Global Insurance Market Index released by insurance...
Agency E&O Survey: More Agencies See Premiums Rise, Again
Nov 1 2021 // According to Insurance Journal’s 2021 Agency E&O survey, 58.4% of respondents saw an increase in their E&O renewal premium from 2020 to 2021, up from 50.2% in last year’s survey. And 61.8% expect...
U.S. Trucking Sector Struggles with Rising Rates, Driver Shortage
Nov 1 2021 // U.S. commercial auto insurers continue to face disruptions on their road to profitability due to inflation and the spotty post-pandemic economic recovery, according to a Standard & Poor’s Global Ratings...
Chubb Sees Profit Jump on Premium Growth, Underwriting Income
Oct 27 2021 // Global insurer Chubb’s third quarter net income soared more than 58 percent year-over-year, as premium gains continued their double-digit climb. The insurer’s Q3 net income reached $1.83 billion during the...
Ping An Insurance Profit Falls 31.2% as Returns, Premiums Shrink
Oct 27 2021 // SHANGHAI/BEIJING — Ping An Insurance Group Co of China Ltd., the country’s largest insurer by market value, posted a 31.2% fall in third-quarter net profit on Wednesday as its premium income shrank on a weak...
Global Commercial Insurance Rates Rise 15% in Q3 as Moderation Continues: Marsh
Oct 26 2021 // Global commercial insurance prices increased 15% in the third quarter of 2021, which was the same rate of increase recorded in the previous quarter, according to the Global Insurance Market Index released by insurance...
Reinsurance Price Increases Support Improving Outlook for Sector: Fitch
Oct 26 2021 // Reinsurers’ plans to continue raising premium rates during the January 2022 renewals are likely to contribute to stronger profitability and an improving sector outlook, according to Fitch Ratings. Fitch said it...
Munich Re, Hannover Re Expect Rising Prices After Floods in Germany
Oct 18 2021 // German reinsurance companies Munich Re and Hannover Rueck said on Monday they expect rising prices for their business in Europe next year, citing mid-July floods in central Europe, inflation and the coronavirus...
MGAs Can Build Broker Relationships – Even in a Hard Market: Aston Lark’s CEO
Oct 15 2021 // How can managing general agents build broker relationships during a hardening market when insurers have much less incentive to provide capacity? After more than 25 years as a broker, Peter Blanc, CEO of the Goldman...
Idaho’s Workers’ Comp Rates Decreasing 7% for 2022
Oct 13 2021 // The National Council on Compensation Insurance recently submitted its annual rate recommendation. NCCI’s recommendation is based on claims volume, claims utilization, workforce, and wages, as well as any changes in...
