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Earnings call commentary shows pockets of casualty reserve strengthening for AY 2020-2023. -
Rates fell across all premium lines, especially for property and GL.
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Excess casualty rates were up 10% and have been double-digit all year, the executive said.
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The average for October was roughly half of that for September.
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Andrade flagged expected 5% to 10% increases in the US and Europe.
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Greenberg said London behavior in cat market “is almost aberrant relative to everybody else”.
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Total insured losses are expected to range from $34bn to $54bn.
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The price for policies with the same limit and deductible decreased 6.0%.
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However, rate gains again accelerated year over year for all lines except workers compensation.
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Overall, insurance rates fell by 1%, led by competition in property.
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Sources said that Milton may slow the pace of rate deceleration.
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This could change if Milton losses turn “ugly”.
