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Plaintiffs claim climate-induced cat losses have spurred increases in premiums. -
The subsegment is the latest commercial auto sector to feel the heat of litigation losses.
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Many carriers are still pricing above technical rate, but could reassess their strategies after Q1.
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The carrier said it anticipates a better market due to recent reforms.
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Casualty rate increases largely stabilized in Q2 and Q3 at 5%-10% for general liability.
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Despite a softening market, underwriters were still able to attain up to 10% above technical pricing.
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With property getting more competitive, FM pursued an opportunity for growth in E&S with Velocity.
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Softening rates amid worsening loss costs paints an uncertain future for the industry.
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The agency cited moderating premium growth and selective underwriting capacity as factors behind the downgrade.
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The broker said R&W rates rose to 2.8% in Q2 vs 2.5% in Q1.
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The growth and profitability survey predicts 8.5% median growth for 2025.
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Workers’ compensation was the only line that saw a YoY decrease.
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Rate decreases are often in double digits, but high loss trends and systemic risk persist.
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The insurer reached highs of over 1.4 million policies in September 2023.
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Some disagreement remains in where rate declines have been swiftest and how much further they could go.
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The specialty carrier’s share price fell nearly 7% on the day of the call.
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Workers’ comp rates dropped again, but the decline slowed from last quarter.
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September’s medical care index increase follows a 0.2% drop in August.
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While limited to only some accounts, it’s a sign of the intense competition in the segment.
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Property insurance rates declined by 9%, the same as in the prior quarter.
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Property pricing fell by 8%, while casualty rate increases tapered to 3%.
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MGAs that are good operators will stick out compared to the rest.
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Property, cyber and workers’ comp rates were all down mid-single digits, offsetting casualty hardening.
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Rachel Turk was speaking on an Aon Reinsurance Renewal Season panel.
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An average of 81% of property accounts renewed flat or down.
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As the Great Japanese M&A Contest develops, the executive said inorganic expansion is “a top priority”.
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State Farm is under investigation as its premiums have been rising “drastically".
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Shared and layered accounts are seen as reaping the biggest benefits.
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Growth concerns were top of mind at this year’s conference.
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Property underwriters are ‘competing fiercely’ to access mining risks.
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As both carriers and reinsurers deal with softening markets, all eyes are on hurricane-prone areas.
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The request cites use of Verisk’s forward-looking wildfire model.
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Insurers continue to compete on price, especially in the SME sector.
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Trailing three month premiums were up 7.2% versus 13.1% in August.
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Juries don’t significantly differentiate in cases involving severe injury.
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California’s insurance regulator has Fair Plan depopulation, cat models on his mind.
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Rates continue to be favorable for buyers across major lines of coverage.
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Global pricing is now 22% below the mid-2022 peak.
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The proposed changes aim to establish clear guidelines for intervenors.
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IBHS CEO Roy Wright says insurers need a comprehensive approach to resilience.
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Winners and losers will emerge more clearly, with less opportunity to ride the market wave.
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Litigation funders are promoting “aggressive” tactics in the UK, Holland and Israel.
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Despite high profile losses, there’s ample capacity in marine and aviation, while PV has seen healthy profits.
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All rates were up on a year-over-year basis, except for workers’ compensation.
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Rates will remain elevated in a period of structurally higher risk premia.
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Growth in the SME sector could help stabilize the market, however.
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The rest of 2025 appears poised to remain favorable for insureds, however.
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California, Florida and Texas all saw decreases in monthly premium growth.
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Some 32% of survey respondents expect property cat rates to fall by more than 7.5%.
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Rates are finally flattening, but it’s unclear if stabilization is enough for insurers’ bottom line.
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Last year marked the second consecutive year in which carriers made a positive return.
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Capacity has gone up slightly, with new entrants and incumbents feeling better about their books.
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The program is aimed at affluent homes valued between $1mn and $6mn.
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GL and workers’ comp, however, may benefit from a more competitive environment.
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Ongoing pricing headwinds stand to weigh on carriers’ returns and valuations.
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This is the first rate filing to use the recently approved Verisk model.
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Commercial auto saw the largest rate change, which was down about a half point by the end of July to 7.96%.
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July’s medical care increase was up from June’s o.6%.
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Price decreases became lower throughout Q2, however, averaging 3% in April, 2.3% in May and 1.6% in June.
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Commercial liability and commercial property coverage continued to dominate the E&S market.
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The risk of cyber incidents that cause physical damage is also rising.
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California posted a 47% jump YoY, from a 28.4% rise in June.
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The model becomes the second in the state to get approval to affect ratemaking applications.
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Brown & Brown fell 10% and Ryan Specialty 8% as investors digest the deteriorating outlook.
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The pace of increases ticked down in the second quarter compared to Q1.
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The company adjusts its rate options to expand California business under the new cat model.
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Casualty rates increased 4% globally but shot up 9% in the US.
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Renewal rates fell, despite elevated catastrophe losses.
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The company also encouraged insurers and brokers to support the initiative.
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All lines except workers’ comp are up year over year, however.
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Rate gains are easing across many commercial and personal lines.
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June’s increase was up from May’s 0.2%.
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Renewable energy premium written in London and international markets amounts to $2bn.
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Demand and growth opportunities remain ample despite competitive pressures.
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Marsh’s property book saw an average decline of 9% in Q1, a trend that appears to have continued through Q2.
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Elevated cat losses in H1 weren’t enough to stop a further softening of the market.
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Florida recorded premium growth in June after declines in May and April.
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The soft market continued through H1 2025, especially on shared programs.
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Cedants were able to “challenge the status quo” with aggregates back on the table, the broker said.
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Premium rose across the top 15 P&C risks in 2024.
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Property rates are coming under further pressure, while liability is being buoyed by ongoing challenging loss trends.
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The cost comes in at $530.6bn, roughly $20mn lower than budgeted.
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The impact of SAM claims is reverberating through the tower and the broader marketplace beyond hospitals.
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Coverage has broadened while limits have increased, the broker said.
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The medical care index numbers were below April’s 0.5% rise.
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Increases dropped to 5.3% from 5.6% for the previous quarter.
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Insurers have termed the Democrat-backed legislation “flawed”.
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Catastrophe losses in Q1 exceeded $50bn, the second highest on record.
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Companies often purchase policies with limits far exceeding their actual exposure needs.
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A 20% increase in FHCF retention levels sent cedants to the private market.
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The collective CoR of 45 Floridians hit 93.1% in 2024
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Rate cuts are slowing as insurers agonize over claims trends, but capacity is high.
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Florida’s top regulator says he’s eyeing eventual tweaks to the state’s cat fund, too.
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The company seeks the full 30% homeowners’ rate request it made last June.
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Lloyd’s traditionally avoided US middle market property, but head of P&C Matt Keeping says times have changed.
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