Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
More Price Increases for U.S. Commercial Insurance in Q4 2021: WTW
Mar 7 2022 // U.S. commercial insurance prices rose again in the fourth quarter of 2021, according to WTW’s latest Commercial Lines Insurance Pricing Survey (CLIPS). The aggregate commercial price change reported by carriers was...
Florida Keys School Board Surprised by $400,000 Increase in Insurance Premiums
Mar 3 2022 // Florida homeowners aren’t the only ones feeling the pinch from sharply rising insurance premiums. School board members in the Florida Keys were taken aback this week when they were told that property insurance...
D&O Loss Ratios Unchanged by Rate Hikes; Supply Disruption to Fuel Suits
Mar 2 2022 // Directors and officers liability insurance premium rate hikes have not had the anticipated impacts on loss ratios that carriers had hoped for, AM Best reported Monday, citing the impact of social inflation on rising claims...
BP Seeks to Appeal Kansas Town’s Lawsuit Over 2021 Gas Price Hike
Mar 2 2022 // Energy giant BP is seeking to appeal a decision that allowed a small Kansas town’s lawsuit over soaring natural gas prices in February 2021 to proceed. BP, formerly known as British Petroleum, filed two documents...
SCOR Reports 19% Premium Growth in January Renewals, Average Price Hikes of 4.9%
Feb 8 2022 // SCOR reported 19.0% premium growth during the January property/casualty (P/C) reinsurance renewals and an overall average P/C price increase of 4.9%. SCOR said the 19% premium growth figure includes a large structured...
Loss Costs Outpace Increase in Premiums for U.S. P/C Industry Through Q3
Feb 7 2022 // Direct-premium production for the U.S. P/C industry through the third quarter 2021 improved as insurers increased rates, but adverse trends in loss costs for many lines of business continue to dampen profitability. Through...
U.S. Surplus Lines Premium Up 22% in 2021
Feb 7 2022 // Surplus lines premium increased 22% and transactions rebounded almost 6.6% over their 2020 totals in the 15 states with designated surplus lines’ stamping offices. The increases represented record levels of premium...
Kemper Eyes Rate Hikes, Agency Cancellations to Regain Footing After Q4 Fall
Feb 3 2022 // Kemper Corp. said it is taking rating and other actions, including canceling some agents, as it seeks to recover from inflation-riddled fourth quarter financial results. Kemper Corp. reported a net loss of $105.8 million...
U.S. Surplus Lines Premium Up 22% in 2021
Jan 26 2022 // Surplus lines premium increased 22% and transactions rebounded almost 6.6% over their 2020 totals in the 15 states with designated surplus lines stamping offices. The increases represented record levels of premium ($51...
Loss Costs Outpace Increase in Premiums for U.S. P/C Industry Through Q3
Jan 25 2022 // Direct-premium production for the U.S. P/C industry through the third quarter 2021 improved as insurers increased rates, but adverse trends in loss costs for many lines of business continue to dampen profitability. Through...
Despite Mitigation, Cyber Attacks, Rate Hikes to Continue in 2022
Jan 24 2022 // As dramatic as escalating ransomware attacks and rapidly climbing cyber insurance rates have been in 2021, both trends will continue to be a nuisance in 2022, according to an expert from Fitch Ratings. “It is...
Florida OIR To Hold Hearings Friday on Big Rate Increases for Three Carriers
Jan 20 2022 // Florida regulators will hold hearings Friday, Jan. 21, on another round of hefty rate hikes requested by property insurers facing losses in the state’s distressed property insurance market. Southern Fidelity...
Connecticut Approves 14.1% Workers’ Compensation Pure Premium Reduction
Jan 13 2022 // The Connecticut Insurance Department has approved a filing with decreases of 14.1% to workers’ compensation pure premium lost costs, and an 8.2% reduction in assigned risk rates. The decreases, effective January 1,...
Many Re/Insurance Buyers Are ‘Frustrated’ With Multiple Years of Price Rises
Jan 5 2022 // Frustration is setting in for commercial insurance buyers subjected to multiple years of price rises, especially those that have improved their risk profiles by de-risking and elevating risk management, according to a...
Despite Mitigation Efforts, Cyber Attacks and Rate Hikes to Continue in 2022
Jan 5 2022 // As dramatic as escalating ransomware attacks and rapidly climbing cyber insurance rates have been in 2021, both trends will continue to be a nuisance in 2022, according to an expert from Fitch Ratings. “It is...
Louisiana Workers’ Comp Rates to Decrease 10.5% in 2022
Dec 29 2021 // Louisiana Insurance Commissioner Jim Donelon has approved a 10.5% reduction in workers’ compensation rates for 2022. The decrease is set to take effect May 1, 2022. Louisiana has seen workers’ compensation...
Voluntary Comp Rates Drop Again in South Carolina; Assigned Risk Multiplier to Rise
Dec 22 2021 // Workers’ compensation insurance rates for the voluntary market will drop next year in South Carolina, but the loss cost multiplier for the assigned risk sector will climb again, thanks to another year of excessive...
Citizens’ Board Requests Larger Than Expected Rate Hike for Florida Homeowners
Dec 16 2021 // The board of governors for Citizens Property Insurance Corp., Florida’s state-backed insurer of last resort, wants the maximum allowed rate increase – 11% for next year and 12% for 2023 – in an effort to stem the...
Rising Reinsurance Prices and Demand Help to Create Stable Sector Outlook: AM Best
Dec 9 2021 // AM Best is maintaining a stable market segment outlook for the global reinsurance segment, citing in part the ongoing positive pricing momentum driven by rising loss cost inflation, enhanced underwriting discipline,...
Property Catastrophe Reinsurance Renewal Rates to Rise by More Than 10%: Fitch
Dec 7 2021 // Reinsurance rates are expected to increase by more than 10% in catastrophe-related lines of business when contracts are renewed in January 2022, which supports an improving sector outlook for 2022, according to Fitch...
