Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
WTW: US Commercial Insurance Price Increases in Q1 ‘Steady’ at 6.3%
Jun 11 2024 // Broker WTW said commercial lines insurance increased overall by an average of 6.3% during the first quarter. Quarterly price increases have been about 6% since the global pandemic, WTW reported in its Commercial Lines...
North Carolina Commissioner Lands on 8% Rate Increase for Dwelling Policies
Jun 10 2024 // North Carolina Insurance Commissioner Mike Causey has settled on an 8% average rate increase for dwelling insurance policies, starting Nov. 1. The North Carolina Rate Bureau, basing its request on data from property...
CIAB: Commercial P/C Premiums Increase 7.7% in Q1 2024
Jun 3 2024 // Overall commercial property/casualty premiums increased slightly for all account sizes to 7.7% on average in the first quarter 2024, according to The Council of Insurance Agents and Brokers’ Q1 Market Survey. With...
NC Commissioner Rejects Proposed 83% Mobile Home-Fire Rate Increase
May 30 2024 // North Carolina Insurance Commissioner Mike Causey has scheduled a 2025 hearing date after rejecting the NC Rate Bureau’s request for an 83% average rate increase in mobile home fire policies and a 50% increase in...
A.M. Best: Rapid Premium Growth Warrants Greater MGA Oversight
May 24 2024 // Though A.M. Best remains bullish on the delegated underwriting authority enterprises (DUAEs) market, it remains cautious of the risk managing general agents (MGAs) bring to insurers. In its latest market segment report,...
UK’s Aviva Posts 16% Rise in Q1 General Insurance Premiums
May 23 2024 // Aviva posted a 16% rise in general insurance gross written premiums to 2.7 billion pounds ($3.44 billion) in the first quarter, helped by strong performance in Britain. Life and general insurer Aviva, which has its main...
CIAB: Commercial P/C Premiums Increase 7.7% in Q1 2024
May 20 2024 // Overall commercial property/casualty premiums increased slightly for all account sizes to 7.7% on average in the first quarter 2024. According to The Council of Insurance Agents and Brokers’ Q1 Market Survey, the...
Security First Touts 5% Rate Decrease for HO-3, Renters Policies in Florida
May 17 2024 // Citing the stabilizing impact that legislative reforms have had on the Florida market, Security First Insurance Co. executives this week announced two residential property rate reductions of more than 5%. “For the...
Fitch Ratings: US Cyber Premium Growth Slows in 2023
May 17 2024 // The U.S. cyber insurance market saw what Fitch Ratings called an unexpected 1% decline in direct written premiums in 2023 following a 160% increase from 2020 to 2022. According to Fitch Ratings’ U.S. Cyber Insurance...
Fed’s Powell Downplays Potential for a Rate Hike Despite Higher Price Pressures
May 16 2024 // Federal Reserve Chair Jerome Powell said Tuesday that the central bank is unlikely to raise its key interest rate in response to signs of stubborn inflation and underscored his view that price increases would soon start to...
Zurich’s First-Quarter P/C Revenue Rises on Higher Premiums
May 16 2024 // Zurich Insurance Group AG said revenue from property and casualty insurance rose 12% in the first quarter on a like-for-like basis, helped by higher premiums. Gross written premiums in the business rose 9% from a year...
Report: California Workers’ Comp Written Premium Increased 2% in 2023
May 9 2024 // Written premium in calendar year 2023 was 2% higher than the prior year, driven by continued economic expansion, but partially offset by continued rate decreases, a new report shows. The Workers’ Compensation...
Fitch: U.S. Cyber Insurers Saw Strong Profits, Slowdown in Premium Growth in 2023
May 6 2024 // The U.S. cyber insurance line generated strong direct underwriting profits for the second straight year in 2023, but written premium volume has stalled amid renewed pricing pressure, according to a Fitch Ratings...
Rising Prices, Low Satisfaction Drive 49% of Customers to Shop For New Auto Insurance
May 3 2024 // Increased premiums combined with lackluster customer satisfaction scores are driving record numbers of auto insurance customers into the market for a new policy, according to the J.D. Power 2024 U.S. Insurance Shopping...
Key Insurer Says Russia Oil Price Cap Increasingly Unenforceable
Apr 30 2024 // A Group of Seven-imposed cap on the price of Russia oil is becoming increasingly unenforceable, an organization at the heart of the global insurance industry said, offering one of the most direct criticisms yet of measures...
Global Insurance Prices Continue Moderating as Rates Decline in Most Regions: Marsh
Apr 24 2024 // Global commercial insurance rates increased by 1% on average in the first quarter of 2024, compared with a 2% increase in Q4 2023, according to the Global Insurance Market Index published by Marsh, the insurance brokerage...
Uncertainty Keeps Prices Up; No Prior-Year Loss Development: Travelers
Apr 19 2024 // With its personal lines business benefiting from the impact of rate increases earning into the book, and the commercial lines insurance premium changes staying in double-digits, Travelers reported $1.1 billion in net...
Fitch: U.S. Cyber Insurers Saw Strong Profits, Slowdown in Premium Growth in 2023
Apr 16 2024 // The U.S. cyber insurance line generated strong direct underwriting profits for the second straight year in 2023, but written premium volume has stalled amid renewed pricing pressure, according to a Fitch Ratings...
5 Strategies for Managing Carrier & Client Relationships in a Hard Market
Apr 15 2024 // As hard-market conditions continue to drive rate increases, independent agents face two challenges: explaining policy changes to their clients while continuing to nurture relationships with their carrier...
Nationwide Wants 19% Increase in Auto Rates in West Virginia
Apr 4 2024 // Nationwide Insurance is asking West Virginia regulators for a 19% average rate increase on auto liability insurance, a move that could affect more than 27,000 insured drivers. The West Virginia insurance commissioner said...
