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Anticipations of a tug-of-war around a ‘flat to slightly up’ pricing renewal have indeed come to fruition. -
Personal auto carriers risk falling behind in the battle between loss costs and approved rate declines, while homeowners carriers’ double-digit filings might not be enough to keep up.
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The executive expects the carrier to write “a bit more” property cat business in the coming renewals as it manages the exposure of its entire book.
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Of the major commercial lines of business tracked by Ivans, all experienced increases in premium renewal rate changes except commercial property and general liability.
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The state is already experiencing affordability challenges, and regulators are concerned that an availability crisis is brewing.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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Issues over reinsurance pricing and capacity continued to plague commercial property.
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Profits are expected to widen thanks to improved rates and higher average attachment points.
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Insurers should reserve as conservatively as possible, maximize their product set, and decide if they are buyers or sellers.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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Meanwhile, the company’s October cat losses came in below the reporting threshold of $150mn, compared eith $317mn of cat losses in September and nearly $1.2bn for Q3.
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Slowing loss cost trends may signal relief ahead, but only if carriers remain vigilant on rate action until we are past the peak.
