Rates

Data shows Texas developments parallel some of the trends in other troubled states, but it is heading in from a stronger position.

In 2022, Texas ranked third in incurred losses behind Florida and California, clocking in at $53bn, according to data from the Insurance Council of Texas.

Commercial property rates in Hawaii, which sustained a major wildfire event in August, went up to 5.02% that month from 1.65% in July, but remained lower than the average even after the increase.

Insurance regulators in California and other states signed off much-needed personal lines rate hikes in September.

Competing forces of loss cost inflation and mixed rate action yield uneven trajectories for the largest commercial lines.

The executive also recommitted Aon to its mission around creating net new markets – including growing IP – in the wake of the Vesttoo issues.

Nearly all lines showed “moderate to significant” price increases, except workers' compensation, D&O liability and cyber.

Inside P&C’s news team runs you through the key highlights of the week.

The carrier’s E&S property book is “up 29%, with 25 points of rate”, said the executive.

Floridians will bear the brunt of Idalia's losses as a retention event, but reinsurers will reap the benefits of pricing.

In contrast, cyber pricing continued slowing down as Q2 rates increased 3.6%, compared with 8.4% in Q1 and 15% in Q4 as the space was hit by increased competition.

Board members voted five to four in favor of rate increases but fell short of the two-thirds majority required.