In its market barometer update for the month of September, MarketScout CEO Richard Kerr said the hurricane season losses will put a halt to property rate reductions. “In fact,” he said, “we anticipate rate increases for coastal properties and offshore oil and gas operations.”
Kerr pointed that the “total loss to insurers could grow if losses applicable to Florida policyholders from Charley and Frances are deemed to be counted as a single loss and only one deductible is applied. The application of the deductible clause is unclear at this point.” Casualty rates continue to decrease, while composite rates held at 4 percent.
Topics Pricing Trends Property
Was this article valuable?
Here are more articles you may enjoy.
After Complaint, GEICO Agrees to Modify Cancellation Process That Uses AI 
The Big Dog Is Off the Tech Porch: State Farm as ‘Next Gen Good Neighbor’ 
Acrisure to Cut 2,250 Employees, Citing Advances in Technology and AI 
Texans Hate Data Centers So Much They Are Asking Jesus for Help From This Issue
