Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
Florida Approves 6.6% Rate Decrease to Workers’ Comp Rates
Dec 9 2020 // Florida Insurance Commissioner David Altmaier has issued a final order approving the National Council on Compensation Insurance (NCCI)’s filing for a statewide overall decrease of 6.6% for Florida workers’...
Texas Windstorm Insurer to File for 5% Residential, Commercial Rate Hike
Dec 8 2020 // The board of directors of Texas’ insurer of last resort for wind and hail for properties along the Texas coast has directed its staff to file a rate increase of 5% for both residential and commercial policies with...
U.S. Commercial Insurance Rates Rise Again in Q3 But Show Signs of Stabilizing
Dec 8 2020 // For the second quarter in a row, U.S. commercial lines insurers enjoyed average rate hikes that neared 10 percent but the rocket ship rate hike trend might be moderating “While commercial insurance prices continued...
Global Reinsurance Sector Receives ‘Stable’ Market Outlook as Rates Keep Hardening
Dec 8 2020 // The outlook of the global reinsurance sector is “stable,” which is mainly a reflection of hardening pricing conditions and tighter terms and conditions, according to AM Best and Fitch Ratings in two reports. AM...
PG&E Rate Hike in California Aimed at Easing Wildfire Risk
Dec 7 2020 // Pacific Gas & Electric’s household customers will be hit with an average rate increase of 8% to help the once-bankrupt utility pay for improvements designed to reduce the risks that its outdated equipment will...
D.C. Postpones All P/C Insurance Rate Increases During COVID Crisis
Dec 1 2020 // The Washington D.C. Department of Insurance, Securities and Banking (DISB) issued a new insurance bulletin to notify all property and casualty insurers that for the duration of the coronavirus pandemic, all filed rate...
SCOR CEO Expects Double-Digit Reinsurance Rate Hikes in January Renewals
Nov 25 2020 // Reinsurance rates are likely to rise in the double-digit percentage point range at key contract renewals in January, Denis Kessler, chairman and chief executive of the French reinsurer SCOR, said on Wednesday. SCOR, one of...
Kentucky AGC Self-Insurers’ Fund to Return $18.5M In Dividends, Decrease Rates
Nov 20 2020 // The Kentucky Associated General Contractors Self-Insurers’ Fund, a workers’ compensation insurance provider in the state of Kentucky, will return more than $18.5 million, including special fund tax...
Texas Automobile Insurance Plan’s 4.8% Commercial Auto Rate Hike Approved
Nov 16 2020 // The Texas Department of Insurance (TDI) has approved the request by the Texas Automobile Insurance Plan Association (TAIPA) for a 4.8% increase in commercial auto rates, with an effective date of March 1, 2021. TAIPA...
North Carolina Insurers Seek 24.5% Rate Hike for Homeowners
Nov 13 2020 // The North Carolina Rate Bureau has requested an average statewide rate increase of 24.5% on homeowners insurance rates in the state, according to a statement from the North Carolina Department of Insurance. The NCRB is not...
Zurich Insurance Reports Sales Growth, Higher Rates, Modest COVID-19 Claims
Nov 12 2020 // Zurich Insurance Group saw increased commercial lines insurance sales and a modest impact from COVID-19 related claims for the first nine months of the year, according to its third quarter report. Growth was supported by...
Florida Regulator Calls for Further Workers’ Comp Rate Decrease
Nov 10 2020 // Florida’s insurance regulator has called for a further decrease to proposed workers’ compensation insurance rates in response to a filing by the National Council on Compensation Insurance (NCCI). In an order...
California’s Temporary Total Disability Rates for 2021 Increasing
Nov 2 2020 // The California Division of Workers’ Compensation announced that the 2021 minimum and maximum temporary total disability rates will increase on Jan. 1, 2021. The minimum TTD rate will increase from $194.91 to $203.44...
Agency E&O Survey: More See Premiums on the Rise
Nov 2 2020 // According to Insurance Journal’s 2020 Agency E&O survey, slightly more than half of all respondents (50.2%) saw an increase in their E&O renewal premium from 2019 to 2020, and 53.8% expect another increase at...
W.R. Berkley Says Rate Increases Averaging 14.5% Contributed to Solid 3Q Results
Oct 26 2020 // W.R. Berkley Corp.’s 2020 third-quarter financial results landed on the strong side despite a dip in net income and more COVID-19 losses, a result the company credits to rate hikes and underwriting discipline. The...
More Companies Turn to Captives as Rates Rise, Terms & Conditions Tighten
Oct 26 2020 // Fed up with rising prices and more stringent terms and conditions for their insurance policies as a result of the coronavirus pandemic, companies are turning to in-house insurance firms. These so-called...
California Workers’ Comp Premium for First Two Quarters of 2020 Down 11%
Oct 19 2020 // Written workers’ compensation premium in California for the first two quarters of 2020 was 11% below that for the first two quarters of 2019, according to a new report out. The Worker’s Compensation Insurance...
Exiting Insurers, Premium Hikes Frustrate Canada’s Struggling Hospitality Industry
Oct 8 2020 // Canadian hospitality businesses, already reeling from the downturn sparked by the coronavirus pandemic, are facing yet another existential threat as insurance companies spike premiums or exit the space, citing losses and...
Hedge Funds Returning to Insurance as Premiums Rise
Oct 8 2020 // Five years after London-based hedge fund Toscafund ditched the shares it held in insurance companies, the $3.5 billion firm and its peers are flocking back, drawn by sharp premium increases which are lifting the...
California Workers’ Comp Premium for First Two Quarters of 2020 Down 11%
Oct 5 2020 // Written workers’ compensation premium in California for the first two quarters of 2020 was 11% below that for the first two quarters of 2019, according to a new report out. The Worker’s Compensation Insurance...
