Rates

Cedants and brokers are navigating the complexities of varying risk appetites signaled by reinsurers, who are willing to provide more capacity for cat treaty but only at certain layers as they maintain discipline.

Compared to September, all major commercial lines of business tracked by Ivans experienced increases in premium renewal rate changes.

The decline marked the sixth consecutive quarter of double-digit pricing declines.

TWIA has raised its net operating expenses to $40.2mn.

Commercial insurance pricing remained flat, increasing by 3% globally over the period, the same as the prior quarter.

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CNA continued to push for rate in lines of business affected by social inflation in Q3, as CEO Dino Robusto said the carrier was “pleased that there is an increasing awareness for this need in the marketplace”.

Chubb NA property soared 23% in Q3 with rates up 16.6% and exposure change of 5.5%, as casualty pricing rose 11%, with rates up 8.7% and exposure up 2%.

The revised status follows the recent announcement that R&Q Insurance Holdings has agreed a sale of its Accredited program.

“As we look to January 1, the market appears to be more orderly than last year, but we expect underwriting discipline to continue,” CEO John Doyle told analysts.

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.