Real estate and hospitality shared and layered (S&L) property programs are benefiting from rate decreases at renewal that in some cases are reaching double digits, while single carrier placements continue to face pricing pressure with increases that could hit mid-single digits.
Rates
Global D&O pricing has continued to soften throughout 2024, Allianz Commercial has said, with London market wholesale carriers pushing up competition in overseas markets.
Premium renewal rate rises in commercial auto, business owners policy (BOP) and umbrella all accelerated in November from the previous month, according to the latest data from Ivans.
Wholesale giant Amwins expects the US property market to continue to soften despite Hurricanes Helene and Milton, while rates remain softer on the East Coast as well as for insureds with large total insurable value (TIV) overall.
Professional indemnity is now a buyer’s market with increasing capacity having driven an ever more competitive rating environment, according to Clyde & Co.
The struggles in California’s beleaguered property insurance market have been laid bare by new figures from the Golden State’s Fair Plan, which show that its assumed exposure soared by 61.3 percent in the 12 months to 30 September 2024 to $458.1bn.
US personal lines carriers’ improved underwriting performance, better catastrophe risk management practices and rising investment yields have prompted AM Best to revise its outlook on the sector to stable from negative.
Canada's natural catastrophe loss bill is projected to exceed C$8bn ($5.7bn) this year, driving adjustments in pricing, attachment points and deductibles, according to Jolee Crosby, CEO of Swiss Re Canada.
Cyber insurance pricing may flatten next year as frustration with the soft market grows and reinsurers take a harder line, while tech E&O claims are also “quietly doing a little more damage” than people realise, according to speakers at Zywave’s recent Cyber Risk Insights conference.
Well-performing corporates coming to market to renew their insurance could achieve rate reductions in the low single digits next year, while those operating in more challenged industry segments or exposed to certain problematic perils will face continued upwards pricing pressure.
Geopolitical tensions and uncertainty around future US trade and fiscal policies should be front of mind for P&C insurers, particularly in marine and credit lines, according to Swiss Re’s Jérôme Jean Haegeli.
UK insurers paid out £1.3bn in property claims during the third quarter of 2024, with payouts for the year to date amounting to £4.1bn, new data from the Association of British Insurers has found.
Global insurance premiums are set to grow by 2.6 percent annually in both 2025 and 2026, with elevated interest rates supporting P&C insurers’ profitability despite moderating premiums in the segment, according to a new Sigma report by Swiss Re Institute.
Pricing is expected to remain flat at the upcoming 1.1 renewals, with some double-digit increases on loss-affected programs, Scor’s Jean-Paul Conoscente has projected.
The continued decline in global claims notifications for representations and warranties (R&W) is likely to drive an increase in rates, with insurers' increasing exposure to third-party claims also spurring greater scrutiny around litigation risk, according to Liberty Global Transaction Solutions' (GTS).
