Best Read Pricing Trends Headlines
Headlines from our Pricing Trends Topic Page with the most time spent reading.
#1 Texas Comptroller: State Revenue Driven by Increasing Insurance Premiums
Sep 29 2023 // When Texas lawmakers meet next month for a special session on funding public education, they will have more money available to them to spend than they anticipated when they passed the state’s $321.3 billion budget...
#2 New Jersey Workers’ Compensation Rates to Fall 3.9% for 2024
Nov 28 2023 // New Jersey’s insurance regulator has approved a 3.9% reduction in workers’ compensation and employer liability rates starting January 1, 2024. The approved statewide rate change is based on the latest financial...
#3 War Risk Insurance Rates Edge Up After Surge in Red Sea Ship Attacks
Dec 5 2023 // War risk insurance premiums edged up for Red Sea voyages after three vessels were attacked in the area on Sunday and fears grow over worsening perils for commercial shipping, maritime and insurance sources said on...
#4 Despite Hard Market, P/C Combined Ratio Forecast Near 104 for 2023
Nov 6 2023 // Losses resulting from severe convective storms are expected to drive the 2023 net combined ratio for the property/casualty industry to 103.8, according to the latest underwriting projections by actuaries at the Insurance...
#5 Catalytic Converter Thefts Down by Half as Precious Metal Prices Drop
Nov 8 2023 // The number of insurance claims filed for catalytic converter thefts plummeted this year after rising dramatically in 2021 and 2022. National Insurance Crime Bureau data shows that as of Sept. 30, the number of claimed...
#6 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...
#7 Uncertainty Keeps Prices Up; No Prior-Year Loss Development: Travelers
Apr 19 2024 // With its personal lines business benefiting from the impact of rate increases earning into the book, and the commercial lines insurance premium changes staying in double-digits, Travelers reported $1.1 billion in net...
#8 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,...
#9 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...
#10 Viewpoint: Get Ready Now for the Soft Market (Because It’s Coming)
Oct 24 2023 // Executive summary: Tony Buckle and John Carolin, co-founders of the boutique insurance consultancy UWX, analyze underwriter motivation during the soft phase of the market cycle. While average market prices are the hardest...
#11 Q3 2023 Signals Six Years of Premium Increases for Commercial Lines: CIAB
Nov 30 2023 // Overall commercial property/casualty premiums increased slightly more than 8% on average in the third quarter, marking six full years of steady increases. According to The Council of Insurance Agents and Brokers’ Q3...
#12 Higher Auto Claims, More Frequent Accidents Continue to Outpace Premium Hikes
Dec 12 2023 // As claim severity rises, US personal auto results are on the decline, according to AM Best’s latest Market Segment Report. The 112.2 net combined ratio in 2022 for personal auto was an almost 11-point deterioration...
#13 What Happened to Reinsurance ‘Class of 2023’? Hard Market Defies Age-Old Patterns.
Jul 12 2024 // Catastrophic events, such as major hurricanes and the Sept. 11 terrorist attacks, traditionally have led to hard markets that in turn drove the formation of startup reinsurers to fill capacity needs. Reinsurers launched in...
#14 Castle Key’s 54% Condo Rate Hike Gets Hearing, Showing New Pressures in Florida
Feb 13 2024 // The Florida Office of Insurance Regulation next week will hold hearings on two property insurers’ requests for 54% average rate increases, one of which has already affected more than 105,000 condominium unit...
#15 Fed’s Powell Downplays Potential for a Rate Hike Despite Higher Price Pressures
May 16 2024 // Federal Reserve Chair Jerome Powell said Tuesday that the central bank is unlikely to raise its key interest rate in response to signs of stubborn inflation and underscored his view that price increases would soon start to...
#16 Bank of Japan Scraps Radical Policy, Makes First Interest Rate Hike in 17 Years
Mar 19 2024 // The Bank of Japan (BOJ) ended eight years of negative interest rates and other remnants of its unorthodox policy on Tuesday, making a historic shift away from its focus on reflating growth with decades of massive monetary...
#17 Small Business Market: Rising Costs, Hard Market but Hope for New Opportunities
Mar 4 2024 // There are reasons to be optimistic about the small business insurance market. New businesses are opening their doors every day. Small business start-ups are booming with record-breaking new business applications reported...
#18 Castle Key Defends 53.5% Condo Rate Hike, Blames Reinsurance, Ian, Rapid Growth
Feb 22 2024 // When Allstate’s Florida unit, Castle Key Indemnity Co., entered the surging condominium insurance market in 2020, it looked like it had made a smart bet: Within two years, the carrier had added no fewer than 123,000...
#19 Homeowners Face Rising Insurance Rates as Climate Change Makes Wildfires, Storms More Common
Oct 16 2023 // A growing number of Americans are finding it difficult to afford insurance on their homes, a problem only expected to worsen because insurers and lawmakers have underestimated the impact of climate change, a new report...
#20 A.M. Best: Rapid Premium Growth Warrants Greater MGA Oversight
May 24 2024 // Though A.M. Best remains bullish on the delegated underwriting authority enterprises (DUAEs) market, it remains cautious of the risk managing general agents (MGAs) bring to insurers. In its latest market segment report,...
