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Ongoing pricing headwinds stand to weigh on carriers’ returns and valuations. -
This is the first rate filing to use the recently approved Verisk model.
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Commercial auto saw the largest rate change, which was down about a half point by the end of July to 7.96%.
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July’s medical care increase was up from June’s o.6%.
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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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Commercial liability and commercial property coverage continued to dominate the E&S market.
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The risk of cyber incidents that cause physical damage is also rising.
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California posted a 47% jump YoY, from a 28.4% rise in June.
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The model becomes the second in the state to get approval to affect ratemaking applications.
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Brown & Brown fell 10% and Ryan Specialty 8% as investors digest the deteriorating outlook.
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The pace of increases ticked down in the second quarter compared to Q1.
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The company adjusts its rate options to expand California business under the new cat model.
