Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
D&O Pricing Falls 14.7% in Q3, Breaking 17 Quarters of Pricing Increases: Aon
Nov 21 2022 // Directors and officers liability pricing fell 14.7% in the third quarter, according to a recent survey. Aon’s Financial Services Group’s Q3 2022 pricing index for the quarter ending on September 30 decreased to...
Navigating the Hard Market: How Proactive Communications Are Essential to Retaining and Building Business Today
Nov 21 2022 // Across all lines, the insurance industry is experiencing macro-hard markets, with large rate and premium increases, as well as re-underwritten renewals as the U.S. deals with broader economic uncertainty. Agents are also...
Commercial P/C Rates Up for 20th Straight Quarter: CIAB
Nov 18 2022 // Third-quarter 2022 marked the 20th consecutive quarter of increased premiums for commercial property/casualty, according to the latest report from the Council of Insurance Agents and Brokers (CIAB). The average premium...
D&O Pricing Falls 14.7% in Q3, Breaking 17-Quarters of Pricing Increases: Aon
Nov 10 2022 // Directors and officers liability pricing fell 14.7% in the third quarter, according to a recent survey. Aon’s Financial Services Group’s Q3 2022 pricing index for the quarter ending on September 30 decreased to...
Aviva Plans ‘Regular and Sustainable’ Investor Payouts as Premiums Rise
Nov 9 2022 // Aviva plans “regular and sustainable” investor payouts, its CEO said on Wednesday, as the British insurer reiterated plans for a share buyback program alongside its 2022 results and posted a rise in nine-month...
Florida Approves 8.4% Decrease in Workers’ Comp Rates Without Asking for More
Nov 8 2022 // The Florida insurance commissioner has approved a decrease in overall workers’ compensation rates for 2023, and he did not demand a sharper decrease from actuaries. The National Council on Compensation Insurance in...
Oklahoma Work Comp Rates to Decrease 8.2% in 2023
Nov 7 2022 // Oklahoma Insurance Commissioner Glen Mulready announced that businesses should see another rate decrease in workers’ compensation insurance beginning on January 1, 2023. The Oklahoma Insurance Department has approved...
Agency E&O Premiums Rise Again; 3 Years in a Row, More Agencies Report Paying More for E&O Coverage
Nov 7 2022 // Agency errors and omissions premiums have risen on average for three years in a row, according to Insurance Journal’s annual Agency E&O survey. Some 70.5% of respondents saw an increase in their agency E&O...
North Carolina Rate Bureau Wants 87% Hike in Mobile Home Rates over 2 Years
Nov 4 2022 // The North Carolina Rate Bureau is requesting an average 87.5% increase in insurance rates for mobile home fire policies over the next two years, and a 53.4% increase in casualty policies. The rate requests may seem large,...
Progressive Easing Up on Rate Hikes; Flo Coming Back to a State Near You
Nov 3 2022 // Progressive’s Flo won’t reappear on TV screens in every state, but the insurer she pitches for is comfortable pursuing business growth, company leaders said yesterday. That means potentially using more...
Swiss Re Posts Q3 Loss on Hit From Hurricane Ian, Signals Price Hikes
Oct 28 2022 // Swiss Re reported a third-quarter loss of $442 million driven by claims tied to the damage from hurricane Ian, and signaled that renewal prices would jump next year. The Zurich-based reinsurer’s key unit saw $2.5...
Global Insurance Rates Continue Rising at Slower Levels; Cyber Outpaces Other Lines
Oct 27 2022 // Global insurance pricing continued to rise, although at a slower pace, during the third quarter, which saw commercial insurance premiums increase an average of 6%, down from 9% in Q2, according to Marsh’s Global...
With Less Reinsurance for Reinsurers, Prices Set to Rise Again for Florida Carriers
Oct 25 2022 // It has been three weeks since Hurricane Ian struck Florida on Sept. 28, 2022. The storm took at least 119 lives and caused estimated insured losses ranging from $31 billion to $74 billion, with most estimates in the $60...
Property Cat Market to Harden More; Possible ‘Significant Supply Imbalance’: MMC’s Doyle
Oct 21 2022 // While the total impact of Hurricane Ian won’t be realized for some time, the effect on an “already stressed property market will be significant,” said John Q. Doyle, group president and COO of Marsh...
Idaho’s Workers’ Comp Rates Decreasing 11.5% for 2023
Oct 18 2022 // The Idaho Department of Insurance accepted a 11.5% reduction in rates, effective January 1, 2023. This follows the National Council on Compensation Insurance submission of its annual rate recommendation to the Idaho...
‘Hardening’ Property Catastrophe Market Enters ‘Hard’ Market Phase: Bank of America
Oct 12 2022 // European reinsurers will miss their earnings targets in 2022 – for the sixth year in a row – which is pressuring the industry to raise rates and continue improving the quality of their portfolios, according to a...
Louisiana Insurance Commissioner Approves Citizens Rate Increase of 63%
Oct 11 2022 // Louisiana Insurance Commissioner Jim Donelon approved a significant rate hike for Louisiana Citizens residential property insurance policies, a move the insurance department blamed on rising costs of reinsurance. Donelon...
Indiana Approves Decrease in Workers’ Comp Rates for 2023
Oct 5 2022 // Indiana Department of Insurance Commissioner Amy L. Beard recently approved a decrease of 10.3% on average for Workers‘ Compensation rates recommended by the Indiana Compensation Rating Bureau (ICRB), effective...
Workers’ Compensation Premiums Increase 10% for First Six Months of 2022
Oct 3 2022 // A comparison of workers’ compensation direct premium written indicated an overall increase of approximately 10.1% for the first six months of 2022 compared to the first six months of 2021. Twenty of the Top 25...
California Workers’ Comp Written Premium up 27% in First Half of 2022
Sep 30 2022 // The Workers’ Compensation Insurance Rating Bureau of California released its Quarterly Experience Report, which reflects an increase in written premium due to economic recovery from the pandemic. The report is an...
