Rates

Management was speaking after RLI reported a Q1 combined ratio of 77.9% for Q1 2023, unchanged compared to the prior-year quarter, as top line growth accelerated sequentially to 15.6%.

Primary insurance rate increases were 10% for property in Q1 compared to 7% in Q4.

Mark Cloutier set out Aspen’s plans for top-line 2023 growth in the range of 10%, and a continued strategy of pursuing rate rather than exposure growth in property cat.

Need to Know

This comes as the all-items consumer price index showed only a 5% gain.

The private broker said replacement cost values in the homeowners' sector will also go up this year to offset increased construction costs and inflation.

High-impact rate filings in California have driven increases nationwide.

The recommendations await approval from the Florida Office of Insurance Regulation.

WTW said driver shortages continue to force contractors to use younger, often less experienced drivers, potentially putting upward pressure on losses.

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

The company is “not seeing any meaningful economic slowdown” within its data.

Meanwhile, commercial auto rates decelerated to 5.64% from 5.84% last month as umbrella slowed down to 4.98% from 5.59%.