Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
Allstate Reverses Q4 Loss With Benefit of Low Cat Losses, Auto Rate Increases
Feb 8 2024 // Allstate Corp. fourth quarter 2023 net income attributable to common shareholders was about $1.5 billion, reversing a loss of $303 million during the same time the prior year. Allstate CEO Tom Wilson said “improved...
North Carolina Commissioner Rejects Proposed 42% HO Rate Hike, Sets Hearing Date
Feb 7 2024 // North Carolina Insurance Commissioner Mike Causey has rejected an average 42% hike in homeowners insurance rates proposed in January by the state’s rate bureau, setting the stage for a public hearing and...
Marsh: ‘Stable’ Q4 Commercial Rate Increase of 2%
Feb 5 2024 // Broker Marsh said global commercial insurance rates increased by 2% at renewal in the fourth quarter of 2023, marking the 25th straight quarter of rate increases. “At a time of much global economic uncertainty,...
Marsh: US Commercial Lines Rates Up 3% in Q4 2023
Feb 5 2024 // Broker Marsh said the composite rate change at renewal for U.S. commercial lines was up 3% in the fourth quarter 2023, led by an 11% increase in property rates. The Marsh Global Insurance Market Index said it was the 25th...
Hard Market Prices Continue
Feb 5 2024 // While not news to independent agents, commercial lines renewal rates rose again in the fourth quarter of 2023 — another sign that the hard market is here to stay — at least through 2024. According to the Ivans...
What’s to Come in 2024: Hard Market, AI Expansion, More Catastrophes, Network Consolidation
Feb 5 2024 // No one can predict the future, but insurance professionals are likely the best qualified when it comes to predicting risk. For this special report, Insurance Journal asked industry thought leaders their predictions for the...
3 Areas for Agents to Focus Growth Efforts in 2024 As the Hard Market Continues
Feb 5 2024 // We are obviously in one of the most intense hard markets of the last several decades. While much has been said and written about how to navigate the challenges the market is creating for agents, I’d like to take a...
Reinsurance Market Likely to Begin Softening in 2025 as Capacity Rises in 2024: Fitch
Jan 25 2024 // Reinsurers’ underwriting margins are expected to peak in 2024 on the significant price rises and tighter terms and conditions achieved during 2023 and in the January 2024 renewals, which will likely lead to softer...
Compared to Prior Quarter, All Commercial Lines Saw Renewal Rate Up in Q4: Ivans
Jan 24 2024 // Ivans Index found the average premium renewal rate increased year-over year for all major commercial lines except workers’ compensation, but every line of business averaged rate increases at renewal during the last...
Carolina Homeowners Give an Earful on Proposed 42% Average HO Rate Increase
Jan 23 2024 // North Carolinians have had plenty to say about a proposed homeowners insurance rate increase that could, on average, raise rates in the state by double digits. At a public forum held online and in Raleigh, homeowners...
Are Florida Insurance Premiums Hurting the Real Estate Market? Sales Down, Prices Up
Jan 22 2024 // State and national news reports have raised questions about the impact that high property insurance premiums in Florida have had on the real estate market and if the costs are prompting some residents to consider moving...
Higher Auto Claims, More Frequent Accidents Continue to Outpace Premium Hikes
Jan 22 2024 // As claim severity rises, U.S. personal auto results are on the decline, according to AM Best’s Market Segment Report, issued in December 2023. The 112.2 net combined ratio in 2022 for personal auto was an almost...
Commercial Property Rates Not Expected to Increase at Same Pace as 2023: USI
Jan 16 2024 // A new USI Insurance Services report forecasts that in 2024, commercial property insurance rates “are expected to increase, but not at the same pace as seen in 2023.” “Our forecast calls for 5% to 15% rate...
Prepare for the Soft Market: Why You Need to Set Performance Metrics Now
Jan 11 2024 // Executive Summary: Companies need to enact long-term performance measurement and strategies for underwriting discipline across the underwriting cycle because evidence suggests underwriters will not impose it themselves,...
Progressive Files for 19.78% Auto Insurance Rate Increase in West Virginia
Jan 10 2024 // Less than a month after Farmers Direct Insurance filed for a hefty rate increase on West Virginia auto liability policies, Progressive has followed suit with an almost identical request. The West Virginia insurance...
MarketScout: 2023 US Commercial Composite Rate Up 4.56%
Jan 10 2024 // According to the MarketScout Market Barometer, U.S. commercial property/casualty insurance rates rose 5.6% in the fourth quarter of 2023, resulting in a total composite rate increase of 4.56% for the whole of...
North Carolina Rate Bureau Wants 42% Hike in Residential Property Insurance Rates
Jan 8 2024 // The North Carolina Rate Bureau, basing its calculations on input from 197 property insurance companies, has asked for a 42% average increase in homeowners insurance rates, to take effect Aug. 1. The rate bureau’s...
Navigating the Hard Market: 4 Strategies for Brokers to Contend with Constraints in Gulf Coast States Property Insurance
Jan 8 2024 // This post is part of a series sponsored by IAT Insurance Group. U.S. coastal areas, particularly Gulf Coast states like Florida, Louisiana and Texas, have been hit hard in the past decade by climate change-related natural...
January’s Property Cat Renewals See Biggest Price Hikes in Turkey, Italy and US
Jan 4 2024 // While the reinsurance market indeed stabilized during the January 2024 reinsurance renewals (from the chaotic January renewals of last year), buyers with loss-affected programs experienced further upward pressure on...
Louisiana Workers’ Comp Rates to Fall by 9% in 2024
Jan 2 2024 // Louisiana Insurance Commissioner Jim Donelon has approved a 9% reduction in workers’ compensation rates for 2024. The decrease will take effect in May 2024. Louisiana has seen workers’ compensation rates fall...
