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Rates are finally flattening, but it’s unclear if stabilization is enough for insurers’ bottom line. -
The other liability loss ratio continued to rise as workers’ comp and commercial auto reversed course.
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The move will impact around $50mn of gross written premiums in total.
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Price decreases became lower throughout Q2, however, averaging 3% in April, 2.3% in May and 1.6% in June.
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The professional lines market remains ‘challenging’ overall, however.
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The company has struggled in reinsurance, while large claims dragged down D&O results in Q2.
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Pricing was “virtually flat” in the second quarter.
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The broker has noted that double-digit reductions are increasingly available in property.
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A growing divide in business courts could impact future D&O underwriting, sources said.
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The insurer denies it is responsible for the actor’s legal fees.
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The company also encouraged insurers and brokers to support the initiative.
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