Chubb
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Broker and commercial carrier trends separate as inflation slows but rates stay elevated. -
Michelle Bryer had been serving as senior vice president of claims operations at Combined, a Chubb subsidiary.
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Clearer wordings for cyber cat risk would also help foster the development of the more capital-efficient event XoL reinsurance market in cyber, Kessler said.
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At a point when cyber rates are falling and capacity is plentiful in high excess layers, the mutual plans have the wider cyber market somewhat perplexed.
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A clear commonality is already emerging much as it did in the previous quarter, when severe convective storms – particularly hail – also dominated.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Chubb NA property soared 23% in Q3 with rates up 16.6% and exposure change of 5.5%, as casualty pricing rose 11%, with rates up 8.7% and exposure up 2%.
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The executive said that NA financial lines rates and pricing in aggregate were down 4.8% and 3.8%, respectively, in Q3 as Chubb is trending financial lines loss costs at 4.7%.
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The carrier grew NWP in Q3 by 8.4% to roughly $11.7bn, as NA commercial P&C lines rose 8.7% to over $5.1bn and personal lines increased 9.6% year-on-year to over $1.5bn.
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The executive said he was “shocked and heartbroken” in a message circulated to Chubb staff.
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According to a Chubb survey, 59% of respondents said inflation has impacted their ability to replace covered assets under existing coverage; 76% said they are considering increasing coverage amounts to compensate for inflation.
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