Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
Personal Auto Insurance Rates Fall Across the County: Value Penguin
Jan 8 2021 // Auto insurance rates are falling across the country an average 1.7 percent, with drivers in Michigan, Ohio, Kentucky, Arkansas and Louisiana seeing the biggest drops of more than 4 percent. This is the first time rate have...
January Renewals Saw Some of Sharpest Price Hikes in Recent Years: Howden
Jan 6 2021 // Lower investment yields, adverse catastrophe loss development, higher loss cost trends, concerns over climate change, and, of course, the pandemic coalesced to bring some of the sharpest price increases in recent memory...
Abundant Capital Led to Moderated Price Hikes During January Renewals: Carpenter
Jan 5 2021 // Price increases at the Jan. 1, 2021 reinsurance renewals were moderated compared to initial expectations as a result of abundant capital levels and an increased willingness on the part of reinsurers to deploy capacity in...
Aviation Reinsurance Rates Rise by as Much as 250% in January Renewals: Willis Re
Jan 4 2021 // Aviation reinsurance rates rose by up to 250% at the key Jan. 1 renewal date, broker Willis Re said in a report on Monday, with the market still reeling from the impact of Boeing 737 MAX crashes two years ago. The 737 MAX...
U.S. Commercial Insurance Rates Rise Again Q3; Showing Signs of Stability
Dec 21 2020 // For the second quarter in a row, U.S. commercial lines insurers enjoyed average rate hikes that neared 10% but the rocket ship rate hike trend might be moderating. “While commercial insurance prices continued to rise...
New Capital Entering Market Unlikely to Quickly Soften Rates: Vantage Risk CEO
Dec 21 2020 // Greg Hendrick, CEO and co-founder of the new reinsurance and insurance company Vantage Risk, isn’t too concerned about the new capital that has been pouring into the market this year, and its potential to drive down...
California Workers’ Comp Written Premium Down 12% over 9 Months of 2020
Dec 18 2020 // Workers’ compensation written premium in California for the first nine months of 2020 was 12% below that for the first nine months of 2019, according to a quarterly experience report released on Friday by the...
Citizens to Delay Rate Increases, For Now
Dec 17 2020 // Citing a flood of new policies entering Citizens Property Insurance Corp. and a growing disparity between its rates and rising rates of private insurance companies, the board of Florida’s insurer of last resort voted...
New Capital Entering Market Unlikely to Quickly Soften Rates: Vantage Risk CEO
Dec 11 2020 // Greg Hendrick, the CEO and co-founder of the new reinsurance and insurance company Vantage Risk isn’t too concerned about the new capital that has been pouring into the market this year, and its potential to drive...
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...
