Leading insurance CEOs have highlighted that commercial lines are not at the peak of their underwriting cycle, primarily due to the pervasive issue of social inflation.
Tag: commercial lines
Big “I” 2024 Market Share Report: Independent Agency Channel Places 62.2% of All P&C Insurance
Based on 2023 data, this year’s report found that the independent agency channel places 62.2% of all p&c insurance written in the U.S., demonstrating the channel’s resilience amid the challenges posed by the hard market.
U.S. P&C Underwriting Losses Narrow as Key Lines Still Struggle
U.S. property and casualty insurers overall saw better underwriting results in 2023, but performance worsened in certain important business lines, according to an analysis by S&P Global Market Intelligence.
HDI Global Expands Mid-Market Commercial Lines Presence
HDI Global said it is expanding its operation to include clients in the mid-market segment that have turnover of between €20 million ($21.3 million) and €500 million.
Conifer Moves Commercial Lines to MGA Model, Exits Oklahoma Homeowners Line
Conifer Holdings Inc. is moving to managing general agency business model for its commercial lines business, as it moves its catastrophe-hit Oklahoma homeowners business into runoff, said its chief executive officer.
Renewal Rates for Nearly All Commercial Lines Up YoY; Nearly All Experience Decrease Month Over Month
Year over year, all major commercial lines experienced an increase in average premium renewal rates. Month over month, Workers’ Compensation experienced an increase in premium renewal rate change, while Commercial Auto, BOP, General Liability, Commercial Property, and Umbrella saw decreases.
Commercial Lines Performed Better than Personal, Combined Ratio Forecast at 103.9: Report
The 2023 net combined ratio for the property/casualty industry is forecast to be 103.9, with commercial lines at 97.7, outperforming personal lines at 109.9. Record levels of severe convective storm losses are the single biggest driver of the overall adverse results. Hard markets continue with 2023 net written premium growth forecast at 9.0%, according to the latest underwriting projections by actuaries at the Insurance Information Institute (Triple-I) and Milliman.
Generative AI in P&C Insurance: Promise and Peril for Personal and Commercial Lines
This past year has been marked by the excitement surrounding generative AI and ChatGPT taking industries by storm.
Hartford Financial’s Head of Commercial Lines: AI, Cyberattacks Top Agent/Broker Concerns for 2024
The pace of change will never be this slow again, said Mo Tooker, head of enterprise sales and distribution, global specialty, middle and large commercial, Hartford Financial, referencing the insurer’s new Risk Monitor Report.
Agents, Brokers See Slight Organic Growth Rate Deceleration
The organic growth rate of the independent insurance channel was 10.2% for the third quarter of 2023, representing a slight 1.0% drop from Q2.