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Commercial and residential carriers have different requirements. -
Quarterly price increases of around 6% have remained steady since the pandemic.
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The ratings agency noted robust profit margins for reinsurers.
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The broad themes remained the same as those dominating in April.
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Additional capacity for upper layer coverage is driving rate reductions, the broker says.
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The decrease takes effect August 20, 2024, and impacts new and renewal business.
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Ten companies have filed a 0% increase and at least eight companies have filed a rate decrease to take effect in 2024.
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Average premiums rose 5.8% across all major lines, roughly flat from 5.7% in Q4.
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YoY Ebitda margins for private brokers declined two points, to 29% in Q1.
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An overview of Q1 earnings shows upsides, but also plenty of concerns going into the rest of 2024.
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Only umbrella posted a higher rate increase, while workers’ comp continued to drop.
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Reserving actions have added pressure to upward pricing.
