Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
Survey: Most Architects and Engineers Professional Liability Rates to Rise
Apr 1 2024 // Most insurers plan to increase architects and engineers (A&E) professional liability insurance rates for a third consecutive year, according to a new survey by Ames & Gough. The specialty insurance broker reported...
Bank of Japan Scraps Radical Policy, Makes First Interest Rate Hike in 17 Years
Mar 19 2024 // The Bank of Japan (BOJ) ended eight years of negative interest rates and other remnants of its unorthodox policy on Tuesday, making a historic shift away from its focus on reflating growth with decades of massive monetary...
Hard Market Adaptation
Mar 18 2024 // Agents and brokers are “going the extra mile” to prioritize client communication, retention, technology, and team morale as the hard market lingers on. According to a recent survey by Trusted Choice, the...
Allstate’s Florida Company Defends 54% Condo Rate Hike. Blames Reinsurance, Hurricane, Rapid Growth
Mar 18 2024 // When Allstate’s Florida unit, Castle Key Indemnity Co., entered the surging condominium insurance market in 2020, it looked like it had made a smart bet: Within two years, the carrier had added no fewer than 123,000...
Florida Condo Sales and Prices Fall Due to Insurance, Association Costs, Redfin Says
Mar 18 2024 // Condominium sales and prices in Miami, Jacksonville and Tampa and other parts of Florida have dropped over the past year, largely due to the soaring cost of property insurance and association fees, according to Redfin, a...
US Inflation Up Again in February in Latest Sign Price Pressures Remain Elevated
Mar 14 2024 // Consumer prices in the United States picked up last month, a sign that inflation remains a persistent challenge for the Federal Reserve and for President Joe Biden’s re-election campaign, both of which are counting...
Missouri Captive Gross Written Premium Up 142%
Mar 14 2024 // The Missouri Captive Insurance industry increased its gross written premium by 142% in 2023, the Missouri Department of Commerce and Insurance (DCI) reported. The amount of written premiums in 2022 were $3,543,681,320 vs....
New Survey Reveals How Independent Agents Are Adapting to the Hard Market
Mar 4 2024 // The hard market has independent agents “going the extra mile” to prioritize client communication, retention, technology and team morale. Trusted Choice, the national consumer brand representing the members of...
25 Straight Quarters of Premium Increases for Commercial Lines: CIAB Survey
Mar 4 2024 // Overall commercial property/casualty premiums increased slightly for all account sizes to 7% on average in the fourth quarter 2023, continuing a trend that has now last more than 6 years. According to The Council of...
Casualty Reinsurance Renewals See Modest Price Hikes Despite Social Inflation: AM Best
Mar 4 2024 // Reinsurers in general maintained adequate capacity for casualty programs, despite concerns about social inflation and some recent reserve strengthening actions, according to a report from AM Best. For reinsurers, a...
Continued Growth for Surplus Lines in 2023 as Premiums Up 14.6%
Mar 4 2024 // The excess and surplus lines market continued to grow in 2023, with premium reaching nearly $73 billion according to data from 15 state surplus lines offices released by the Wholesale & Specialty Insurance Association...
Small Business Market: Rising Costs, Hard Market but Hope for New Opportunities
Mar 4 2024 // There are reasons to be optimistic about the small business insurance market. New businesses are opening their doors every day. Small business start-ups are booming with record-breaking new business applications reported...
Florida Condo Sales, Prices Have Fallen Thanks to Insurance, HOA Costs, Redfin Says
Feb 28 2024 // Condominium sales and prices in Miami, Jacksonville and Tampa and other parts of Florida have dropped over the past year, largely due to the soaring cost of property insurance and association fees, according to Redfin, a...
Castle Key Defends 53.5% Condo Rate Hike, Blames Reinsurance, Ian, Rapid Growth
Feb 22 2024 // When Allstate’s Florida unit, Castle Key Indemnity Co., entered the surging condominium insurance market in 2020, it looked like it had made a smart bet: Within two years, the carrier had added no fewer than 123,000...
P&I Clubs Raise Renewal Prices to Keep Up With Claims Inflation: AM Best
Feb 21 2024 // Protection and Indemnity (P&I) clubs sought further price improvements at the February 2024 renewals in order to keep up with claims inflation, despite a relatively benign year for P&I claims in 2023, according to...
Marsh: US Commercial Lines Rates Up 3% in Q4 2023
Feb 19 2024 // Broker Marsh said the composite rate change at renewal for U.S. commercial lines was up 3% in the fourth quarter 2023, led by an 11% increase in property rates. The Marsh Global Insurance Market Index said it was the 25th...
Allstate Reports $276M in January Cat Losses, Updates Rate Increases
Feb 15 2024 // Allstate Corp. on Thursday reported January pretax catastrophe losses of $276 million. The Northbrook, Illinois-based insurer reached its $150 million threshold to report catastrophe losses following several months of low...
Casualty Reinsurance Renewals See Modest Price Hikes Despite Social Inflation: AM Best
Feb 15 2024 // Reinsurers in general maintained adequate capacity for casualty programs, despite concerns about social inflation and some recent reserve strengthening actions, according to a report from AM Best. For reinsurers, a...
Continued Growth for Surplus Lines in 2023 as Premiums Up 14.6%
Feb 14 2024 // The excess and surplus lines market continued to grow in 2023, with premium reaching nearly $73 billion according to data from 15 state surplus lines office release by the Wholesale & Specialty Insurance Association...
Castle Key’s 54% Condo Rate Hike Gets Hearing, Showing New Pressures in Florida
Feb 13 2024 // The Florida Office of Insurance Regulation next week will hold hearings on two property insurers’ requests for 54% average rate increases, one of which has already affected more than 105,000 condominium unit...
