Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
Mass. Division of Insurance Approves 6.8% Reduction in Workers’ Comp Rates
Apr 2 2020 // The Massachusetts Division of Insurance has approved a 6.8% reduction in the existing overall average workers’ compensation insurance rates for policies effective on and after July 1, 2020. The rate decrease was the...
PG&E’s Falling Stock Price Worries California Wildfire Victims Eyeing Deal
Mar 27 2020 // The stock market turmoil triggered by the coronavirus pandemic is raising worries that Pacific Gas & Electric’s $13.5 billion settlement with victims of catastrophic wildfires may be worth far less by the time...
How to Manage Risk in a Hardening Market
Mar 23 2020 // A financial market that’s in correction territory, coronavirus pandemic fears and an insurance industry hard market for the first time in years. Are these issues related or becoming more so? What’s an insured...
Return-to-Work Rates on the Rise in Texas Workers’ Comp System: Report
Mar 12 2020 // The return-to-work (RTW) rate for employees in the Texas workers’ compensation system who received temporary income benefits (TIBs) for their injuries increased by 5% over the decade from 2007 to 2017. That’s...
Florida Carriers Seek Staggering Rate Increases Amid Market Turmoil
Feb 25 2020 // It’s no surprise that Florida carriers are raising homeowners’ insurance rates given several years of catastrophes and losses from litigation related to assignment of benefits and water damage claims. What may...
California Commissioner, Lawmakers Intro ‘Hardened Homes’ Wildfire Bill Requiring Admitted Market to Offer Coverage
Feb 18 2020 // A newly proposed bill would clarify under California law the concept of “hardened homes” that are safer or more resistant to wildfires and then require admitted carriers to cover those homes. California’s...
Vermont Governor Announces Decreases in Workers’ Comp Rates
Feb 14 2020 // Vermont Governor Phil Scott announced that rates for workers’ compensation premiums will drop by about 11% when new rates take effect in April. Scott’s administration said the reductions are part of a trend in...
Commissioner Navarro Responds to Report of Premium Increases for Military Members
Feb 14 2020 // Delaware Insurance Commissioner Trinidad Navarro responded strongly to a Consumer Federation of America report that Delaware service members may return home from deployment to increased auto insurance premiums, calling the...
Global Commercial Insurance Prices Increase 11% in 4th Quarter 2019: Marsh
Feb 12 2020 // Global average commercial insurance prices increased 11% in the fourth quarter of 2019, according to the Global Insurance Market Index released by insurance broker Marsh. The fourth quarter rise in prices was the largest...
Delaware Companies Save More Than $4M from Reduced Workers’ Comp Rates
Feb 10 2020 // The Delaware Department of Insurance has analyzed new filings from the state’s top writers of workers’ compensation insurance after announcing the third consecutive year of decreased rates in November. The top...
Take a ‘Deep Dive’ Into the Nonprofit Sector: Nonprofits Treading Water as Market Hardens
Feb 10 2020 // The task of insuring nonprofit organizations is a complex one and agents, brokers, underwriters and carrier representatives say that in order to fully serve those entities that serve our communities in myriad ways,...
California Leads Nation in Surplus Lines Premiums on 5th Year of Record Growth
Feb 4 2020 // Premium data from all surplus lines stamping offices for 2019 shows that California once again led the nation in total surplus line premiums, possibly boosted by construction spending and wildfires. The Surplus Line...
Berkley CEO Warns Against Overreaction to Workers’ Comp Rate Declines
Feb 4 2020 // While the market is hardening and rates are increasing for nearly every commercial insurance line, workers’ compensation remains stubbornly soft. That reality is something that W.R. Berkley’s CEO flagged...
With Premiums Up Due to Accidents, Chemical, Refinery Plants Cut Back on Insurance
Jan 30 2020 // U.S. refineries and petrochemical plants are cutting back on insurance because several years of severe accidents have driven up the cost of coverage, industry and insurance sources said. With less insurance coverage for...
Commercial Air Travel Passenger Death Rate Continues to Decline: MIT Study
Jan 27 2020 // It has never been safer to fly on commercial airlines, according to a new study by an MIT professor that tracks the continued decrease in passenger fatalities around the globe. The study finds that between 2008 and 2017,...
Texas E&S Premium Up 14.3% in 2019, Stamping Office Says
Jan 27 2020 // Excess and surplus lines insurance premium (E&S) in Texas reached $6.95 billion in 2019, a 14.36% increase over 2018’s premium total of $6.08 billion, according to the Surplus Lines Stamping Office of Texas...
SLTX: Surplus Lines Flood Insurance Premium Up in Texas over 5 Years
Jan 24 2020 // Surplus lines flood insurance premium filed with the Surplus Lines Stamping Office of Texas (SLTX) has increased annually over the past five years, according to SLTX. Additionally, while NFIP premium dipped in 2017, it...
Zurich Sees Hardening Rates, Improving Terms – in Market Not Seen Since 2002
Jan 13 2020 // Zurich Insurance Group AG expects to have more power to increase commercial insurance rates than it has seen in almost two decades as a shortage of supply and high natural catastrophe payouts help reverse declining...
SLTX: Texas E&S Premium Up 14.3% in 2019
Jan 9 2020 // The Surplus Lines Stamping Office of Texas (SLTX) reports that excess and surplus lines premium (E&S) in Texas reached $6.95 billion in 2019, a 14.36% increase over 2018’s premium total of $6.08 billion. The past...
North Carolina Insurers Settle for 4% Rate Increase on Dwelling Policies
Jan 7 2020 // The North Carolina Department of Insurance and the North Carolina Rate Bureau (NCRB) have reached a settlement for an average 4% increase on a proposal to increase dwelling insurance rates. A hearing on the proposal...
