Rates

Despite reinsurers’ concerns over social inflation and loss trends, capacity remains abundant in both quota share and XoL deals, sources say.

Need to Know

California Insurance Commissioner Ricardo Lara was speaking about climate change's impact on insurance pricing at the Bermuda Climate Summit.

The hard reinsurance market and elevated cat losses continued to drive rate increases.

The broker said increased reinsurance costs had not been passed onto customers.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

For the business line, this is the first month-on-month slowdown since October 2022.

The broker said clients could save money, increase limits and buy extra coverage.

Considering recent reforms, Citizens’ rates, on average, are still 58.6% below actuarially sound levels, but the inadequacy would have been 88.3% without them.

H1 2023 renewal rates for wind and fire-exposed properties in Florida, Louisiana and Texas increased more than 300% in some cases, exceeding the broker’s January forecast.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Even clean accounts in the admitted space are seeing rate increases of 15% year on year, while loss-hit accounts in Florida were slapped with a 100% rate increase for June 1.