Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
Fitch: Hardening Commercial Lines Market to Continue Through 2023
Jun 13 2023 // This year will mark the fourth year of a hardening market for commercial lines underwriting cycle, according to the latest US Commercial Lines Market Update released by Fitch Ratings. The Council of Insurance Agents &...
Another Soft Market Is Inevitable
Jun 7 2023 // In recent weeks, executives of brokers and carriers have been delivering mixed messages about conditions in the commercial insurance market. “The long curve, the larger trend, is bending in a positive direction for...
Florida OIR Hearing Set for Citizens’ Latest Rate Increases
Jun 6 2023 // The Florida Office of Insurance Regulation will hold a rate hearing Thursday, June 8, on Citizens Property Insurance Corporation’s proposed 12.5% average increase for homeowners and larger increases for other types...
Auto Claim Severity Up 35% Over Pre-Pandemic Rates: LexisNexis Report
Jun 5 2023 // Claim severity for bodily injury and property damage increased by 35% since 2019, while collision claim severity has jumped 40%, LexisNexis Risk Solutions says in a new report. The data broker’s 2023 U.S. Auto...
Commercial Property Premiums Up Over 20% to Start 2023: CIAB
Jun 5 2023 // Commercial property premiums increased more in the first quarter of 2023 than they have in more than 20 years as the first three months of the year marked the 22nd straight quarter of overall premium increases, at 8.8%,...
Viewpoint: California Needs Regulatory Reform and Quick Rate Review to Halt Personal Lines Meltdown
Jun 2 2023 // The regulation of property/casualty insurance in California has been an epic failure—look no further than the state of the market for personal automobile and homeowners insurance. California Insurance Commissioner...
Viewpoint: Could Increasing Ransomware Frequency Bring Back Repeat of Hard Market?
May 25 2023 // Insurance pricing is cyclical. When loss ratios are sustainably higher, over time prices rise in response, creating a hard market. The last hard market in cyber was in 2021 when an onslaught of ransomware and high-profile...
Rising Premiums Tighten Auto Insurance Market as Customers Shop Deals: J.D. Power Study
May 22 2023 // Saving money is the primary focus of consumers searching for auto insurance, according to the J.D. Power 2023 U.S. Insurance Shopping Study. Now in its 17th year, the report highlights the increasing focus on cost as...
MGAs, Delegated Underwriting Authority Enterprises Sparked Double-Digit Growth in 2022 U.S. Premiums: AM Best
May 22 2023 // Direct premium written through the delegated underwriting authority enterprises (DUAE) market in the United States continued its significant growth rate in 2022, increasing by 13.8% to $67.6 billion, according to a new...
Optimizing Agency Relationships: A Data-Driven Approach to Premium Growth
May 22 2023 // The reported demise of the independent insurance agency as a sales and distribution channel has been greatly exaggerated. Over the course of a decade or more of predictions about the growth of the direct-to-consumer...
Commercial Property Premiums Up Over 20% to Start 2023: CIAB
May 18 2023 // Commercial property premiums increased more in the first quarter than they have in more than 20 years as the first three months of the year marked the 22nd straight quarter of overall premium increases, at 8.8%, according...
North Carolina Mobile Home Insurance Rates to Rise 15%, Starting in October
May 18 2023 // North Carolina’s insurance commissioner has negotiated a 15% average statewide increase in rates for mobile home insurance policies, a reduction from the hefty hike that the state’s rate bureau had...
Auto Claim Severity Up 35% over Pre-Pandemic Rates – LexisNexis Report
May 12 2023 // Claim severity for bodily injury and property damage increased by 35% since 2019, while collision claim severity has jumped 40%, LexisNexis Risk Solutions says in a new report. The data broker’s 2023 U.S. Auto...
Q1 Commercial P/C Rates Hold Steady, Up 5%: MarketScout
May 8 2023 // In a “deliberate and modest fashion,” the composite rate for commercial property/casualty lines increased 5% during the first quarter 2023, according to MarketScout. The Dallas-based distribution and...
Overall Market Sees Greater Stability but Rates Still Up: Risk Strategies Report
May 8 2023 // Cybercrime is up, properties are underinsured, and the management liability market is softening. These are a few of the predictions and results revealed in the Risk Strategies 2023 State of the Market report, which...
MGAs, DUAEs Sparked Double-Digit Growth in 2022 U.S. Premiums: AM Best
May 3 2023 // Direct premium written through the delegated underwriting authority enterprises (DUAE) market in the United States continued its significant growth rate in 2022, increasing by 13.8 percent to $67.6 billion, according to a...
J.D. Power: Rising Premiums Tighten Auto Insurance Market as Customers Shop Deals
Apr 28 2023 // State Farm Tops List of Large Insurers Providing Satisfying Shopping Experience, While The Hartford Ranked Highest Among Midsize Insurers Saving money is the primary focus of consumers searching for auto insurance,...
Rising Oil Prices Complicate Russian Price Cap Checks for Insurers
Apr 28 2023 // Key figures in the insurance industry said rising Russian oil prices are making it harder for them to know if they can lawfully cover Russian cargoes. Since December, buyers of Russian crude oil have only been allowed to...
Cyber Insurance Rate Hikes Moderate, While Property Prices Rise in Most Regions: Marsh
Apr 27 2023 // Average global cyber insurance prices continued to moderate in the first quarter, with average price increases of 11%, compared to 28% in Q4 2022, according to the Global Insurance Market Index published by insurance...
Auto Insurance Shopping Rises as Consumers Seek Better Rate
Apr 20 2023 // Auto insurers have been forthcoming in their desire to achieve rate to match increases in claims costs and, so far in 2023, consumers are not standing by. According to a quarterly report from J.D. Power, in collaboration...
