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At the same time, insurers are assessing the level needed to address loss cost trends. -
The carrier is set to achieve 20% rate increases in auto this year, with the same rate increase likely to be needed in 2024 to achieve its 2025 targets.
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Chubb NA property rates climbed 22% in the second quarter, driven by higher cat losses, inflation and reinsurance costs.
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CEO Adam Kembrooke said some markets would struggle to maintain the results they’ve posted historically, after the point of pricing equilibrium in the cyber class.
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This year’s rate adequacy analysis showed that Twia’s rates are inadequate by 20% for residential coverage and 22% for commercial.
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Its long-term issue credit ratings was upgraded to “aa-“ (superior). The changes were made in recognition of the parent company’s improved financials.
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Personal lines underperform predictions, while brokers and InsurTechs are a positive surprise (for now).
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Loss-free accounts were generally up 20%-50% at renewal, the reinsurance broker said.
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Rates continue to rise through June, with the homeowners’ weighted average rate change coming in at 8% for the month, while auto rates increased by a significant 11.3%.
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Reinsurers began relaxing limits on US property exclusions, but the lack of new start-ups points towards stability amid a more orderly market, the broker forecast.
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Inside P&C’s news team runs you through the key highlights of the week.
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