All Rates articles
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NewsCovéa repricing suggests Europe heading the way of US for 1.1 cat renewal
Market resistance to firm order terms (FOTs) issued for Covéa will do little to encourage European cedants that they will be spared the hard market conditions that have turned discussions around the US cat renewal away from price to a scramble to secure capacity.
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News
WTW Marketplace Realities: Grip of hard market loosening with property a lone holdout
Commercial insurance buyers in North America are enjoying improved pricing and capacity conditions in most lines other than property, WTW’s new Insurance Marketplace Realities report states, with rate predictions that include flat to up 25 percent for cyber compared with increases over 100 percent in the spring.
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News
Insurers warn on supply chain pressures as UK premiums tick up in 2022
The average price paid by drivers for their motor insurance has risen by only 2 percent over the last year despite sustained cost pressures facing the UK insurance sector, which has warned supply chain challenges are making claims costs increasingly tough to bear.
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News
McGriff: Construction cover price rises slow as new entrants increase competition
Pricing for construction-related insurance coverages continue to tick up across the board with new market entrants helping to alleviate some of the pressure but not to the extent of the softening that was prevalent five years ago, according to McGriff Insurance Services.
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News
WTW: Side A D&O competition “reinvigorated” after protracted rate adjustment period
The “flattened-to-improved D&O premium outcomes” for clients in North America this year will continue into 2023, WTW has commented, with the broker also noting that competition for Side A business has been “reinvigorated”.
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News
North P&I Club to hike premiums 10% to offset rising claims inflation
North P&I Club will require a 10 percent general increase in protection and indemnity premium rates from all members for the 2023/24 policy year, amid expectations of rising claims costs owing to inflation.
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News
Major US airlines expected to price down in Q4 renewals
Most of the major US airlines are expected to price down on renewal in the coming days and weeks as plentiful capacity and a relatively modest loss year weigh on broker/underwriter discussions, The Insurer understands.
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News
CEA FOTs point to 6% RoL for ~$2bn layer on quake XoL cover
The California Earthquake Authority (CEA) and its worldwide and Lloyd’s broker Guy Carpenter have issued firm order terms (FOTs) on the London market share of contracts coming up for renewal on its quake treaty, with the organisation expected to pay a 6 rate on line (RoL) for a $2bn xs ...
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Analysis
US commercial pricing shows overall moderation with greater divergence between lines
Feedback on Q3 US commercial pricing from insurance leaders and other observers reveals continued moderation of increases overall albeit with individual lines moving at different directions and speeds, with Hurricane Ian expected to lead to property hardening.
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News
NCFB $1.25bn cat XL 1.1 renewal up 50-65% rate risk-adjusted
North Carolina Farm Bureau (NCFB) and its broker Lockton Re have issued initial firm order terms (FOTs) on the London share of its 1 January cat XL placement with risk-adjusted rates up 50-65 percent and stricter terms as they face strong reinsurer resolve on pricing, The Insurer understands.
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News
Allstate increased auto rates 14% across 15 locations in October
Allstate has continued to implement auto insurance rate increases in response to inflationary impacts to loss costs, with the Allstate brand implementing increases of 14.0 percent across 15 locations in October.
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Comment
Beazley’s bold prediction of 50% rate increases adds to growing optimism
There has been much chatter about accelerated rate hardening at 1 January but this has not extended to actual projections of what this might entail.
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News
CIAB: Cyber price hikes slowed to 20.3% in Q3 as property rates rise by 11.2%
US commercial insurance rates went up by 8.1 percent in the third quarter - a big jump from Q2’s 7.1 percent increase - as price hikes in cyber markedly slowed and property pricing turned upward, according to the latest data from the Council of Insurance Agents & Brokers (CIAB).
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News
Ivans: Rate increases slowed for GL, property and umbrella in October
Ivans has reported that US commercial rate changes varied in October, with three of the six lines it tracks showing lower increases than the month before.
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Analysis
Woodruff Sawyer forecasts “mixed bag” for property casualty in 2023
Premiums will continue to increase, although at a slower rate, across most commercial lines segments in 2023, which will “be the year of options” for the property market while the casualty market will “remain challenging”, according to US retail broker Woodruff Sawyer.
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News
XoL FOT releases scarce in late and uncertain 1.1 renewal
There continues to be a scarcity of firm order terms (FOTs) in a property cat reinsurance market that appears frozen ahead of what promises to be a chaotic, late 1 January renewal season for most buyers as treaty underwriters withhold quotes amid uncertainty over price discovery, coverage and the availability ...
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News
ProAssurance specialty P&C renewal price rises accelerate in Q3
ProAssurance’s specialty P&C segment saw renewal pricing increases accelerate to 8 percent in 2022’s third quarter fuelled by further rises in its standard physician portfolio amid increasing competition among certain segments of its book.
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News
Lloyd’s CFO Keese: Market conditions the best “we have ever seen”
Lloyd’s CFO and COO Burkhard Keese has hailed current underwriting conditions as the best “we have ever seen”, but warned market participants to remain disciplined and not to get “carried away” with pursuing premium growth at the expense of profitability.
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News
CRC REDY data shows accelerating E&S property pricing even before Ian
There were already signs of re-hardening in the E&S property market before Hurricane Ian, but price increases moderated in both cyber and excess and umbrella, while private D&O saw significant deceleration, according to the latest REDY index data from broker CRC.
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News
CNA’s Robusto says price increases slowed in Q3, retention up
CNA reported overall renewal pricing increases of 8 percent in Q3 that it said were ahead of its loss cost trend estimate of 6 percent, but stripping out exposure changes reported rate increases of 5 percent were below that level.
