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Twia’s analysis showed existing rates were inadequate. -
The insurance sector’s RoE is expected to exceed 10% next year.
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Accounts with poor performance records are expected to see flat to 20% rate increases for cat coverage, according to Floridian broker Brown & Brown’s Q3 Market Trends report.
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Stable first half insufficient to counterbalance concerns on reserving trends.
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Worsening claims activity, privacy concerns and emerging threat actors have yet to reflect in pricing.
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The flattish outcome comes after a larger year-on-year hike in January.
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Reinsurers were more willing to support lower layers ahead of July 1, the broker said.
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Challenges such as climate change and civil litigation remain troubling.
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Workers’ compensation renewal rates decreased on a year-over-year basis.
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In 2023, the segment had its best direct loss ratio in nearly a decade at 50.8%.
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In high-capacity, global E&S property, London has continued to be aggressive.
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The proposal now goes to the Florida Office of Insurance Regulation for review.
