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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. -
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.
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The ratings agency said the change reflected its expectation that the carrier would post improving underwriting results in the next two years.
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Broker and commercial carrier trends separate as inflation slows but rates stay elevated.
