Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
North Carolina Again Postpones Hearing on 25% Homeowners Rate Hike
Nov 1 2021 // A hearing set for today on a proposed 24.5% average increase in homeowners’ insurance rates has been postponed until Jan. 3, the North Carolina Department of Insurance announced. The rate increase was recommended by...
Global Commercial Insurance Rates Rise 15% in Q3 as Moderation Continues: Marsh
Nov 1 2021 // Global commercial insurance prices increased 15% in the third quarter of 2021, which was the same rate of increase recorded in the previous quarter, according to the Global Insurance Market Index released by insurance...
Agency E&O Survey: More Agencies See Premiums Rise, Again
Nov 1 2021 // According to Insurance Journal’s 2021 Agency E&O survey, 58.4% of respondents saw an increase in their E&O renewal premium from 2020 to 2021, up from 50.2% in last year’s survey. And 61.8% expect...
U.S. Trucking Sector Struggles with Rising Rates, Driver Shortage
Nov 1 2021 // U.S. commercial auto insurers continue to face disruptions on their road to profitability due to inflation and the spotty post-pandemic economic recovery, according to a Standard & Poor’s Global Ratings...
Chubb Sees Profit Jump on Premium Growth, Underwriting Income
Oct 27 2021 // Global insurer Chubb’s third quarter net income soared more than 58 percent year-over-year, as premium gains continued their double-digit climb. The insurer’s Q3 net income reached $1.83 billion during the...
Ping An Insurance Profit Falls 31.2% as Returns, Premiums Shrink
Oct 27 2021 // SHANGHAI/BEIJING — Ping An Insurance Group Co of China Ltd., the country’s largest insurer by market value, posted a 31.2% fall in third-quarter net profit on Wednesday as its premium income shrank on a weak...
Global Commercial Insurance Rates Rise 15% in Q3 as Moderation Continues: Marsh
Oct 26 2021 // Global commercial insurance prices increased 15% in the third quarter of 2021, which was the same rate of increase recorded in the previous quarter, according to the Global Insurance Market Index released by insurance...
Reinsurance Price Increases Support Improving Outlook for Sector: Fitch
Oct 26 2021 // Reinsurers’ plans to continue raising premium rates during the January 2022 renewals are likely to contribute to stronger profitability and an improving sector outlook, according to Fitch Ratings. Fitch said it...
Munich Re, Hannover Re Expect Rising Prices After Floods in Germany
Oct 18 2021 // German reinsurance companies Munich Re and Hannover Rueck said on Monday they expect rising prices for their business in Europe next year, citing mid-July floods in central Europe, inflation and the coronavirus...
MGAs Can Build Broker Relationships – Even in a Hard Market: Aston Lark’s CEO
Oct 15 2021 // How can managing general agents build broker relationships during a hardening market when insurers have much less incentive to provide capacity? After more than 25 years as a broker, Peter Blanc, CEO of the Goldman...
Idaho’s Workers’ Comp Rates Decreasing 7% for 2022
Oct 13 2021 // The National Council on Compensation Insurance recently submitted its annual rate recommendation. NCCI’s recommendation is based on claims volume, claims utilization, workforce, and wages, as well as any changes in...
Following Last Year’s Rate Hike, Alabama DOI to Hold Hearing on Comp Decrease
Oct 12 2021 // The Alabama Department of Insurance will hold a hearing Nov. 16 on a proposed, significant decrease in workers’ compensation loss costs and rating values. A filing by the National Council on Compensation Insurance...
Florida Regulators to Hold Hearing on Comp Rate Decrease
Oct 5 2021 // Florida insurance regulators are set to hold two hearings in the next three weeks to examine workers’ compensation rates and worker notification issues. On Oct. 14, the Office of Insurance Regulation will host a...
Rates to Rise for Millions of Homeowners Under National Flood Insurance Program
Oct 4 2021 // The federal government Friday rolled out a flood-insurance program revamped to reflect worsening climate change, a program that will raise rates for millions of homeowners in wealthy coastal areas and humble inland...
U.S. Surplus Lines Industry Grew Premium 17.5% in 2020
Oct 4 2021 // The U.S. surplus lines market experienced direct premium growth of 17.5% in 2020, the largest year-over-year premium increase since 2003, according to an AM Best report. The 2020 increase in direct premium written comes on...
Why This Is Not a ‘Standard’ Hard Market and Other Views on Today’s Insurance Market
Sep 29 2021 // Interesting. Fluctuating. Moderating. Fun. Those are the words that Patrick M. Gallagher, chief executive officer of Gallagher Global Brokerage for the Americas, used to respond to a question about the state of the...
Washington Proposes 3.1% Increase in Workers’ Comp Rates for 2022
Sep 21 2021 // The Washington Department of Labor & Industries is proposing an increase in the average price employers and workers pay for workers’ compensation insurance next year. If the proposal is adopted, it would be the...
U.S. Surplus Lines Industry Grew Premium 17.5% in 2020
Sep 16 2021 // The U.S. surplus lines market experienced direct premium growth of 17.5% in 2020, the largest year-over-year premium increase since 2003, according to an AM Best report. The 2020 increase in direct premium written comes on...
P/C Mutual Insurers Continued to Grow Premiums in 2020 Despite Givebacks
Sep 15 2021 // U.S. P/C mutual insurance companies held their own in 2020 despite returning significant levels of premiums during the pandemic. In fact, net premiums written grew by 1.4 percent even with all the givebacks, according to a...
Most Commercial Lines Continuing to Win Healthy Price Increases
Sep 14 2021 // While aggregate U.S. commercial insurance price hikes continue to moderate, most lines are still producing robust price increases, according to Willis Towers Watson. Excess/umbrella produces significant price increases...
