Commercial lines pricing increases are anticipated to moderate, but remain positive in most segments through 2024, according to a report Tuesday from Fitch Ratings Inc.
Tag: commercial lines rates
Commercial Rates in U.S. Up 3.9% on All Property and Casualty Placements
In the United States, the composite rate for commercial insurance in the first quarter of 2024 was up 3.9%, a notable decline from the fourth quarter of 2023, which was plus 5.6%.
Average Commercial Lines Renewal Rates Remain Up Month Over Month
Year over year, Commercial Auto, BOP, General Liability, Commercial Property and Umbrella experienced increasing average premium renewal rates, while premium renewal rates decreased for Workers’ Compensation. All major commercial lines premium renewal rates were higher month over month.
Commercial Renewal Rates Up Month Over Month
The third quarter results of 2023 showed premium renewal rate change for all major commercial lines of business, except Workers’ Compensation, are up year over year. Q3 experienced an increase in average premium renewal rate change across all major commercial lines.
Commercial Insurance Rates Continued to Increase at Slightly More than 6% in 2Q
According to WTW, a leading global advisory, broking and solutions company, U.S. commercial insurance prices have continued to increase in the second quarter of 2023, based upon their Commercial Lines Insurance Pricing Survey (CLIPS).
YOY Average Premium Renewal Rates Remain Up for Majority of Commercial Lines
Except for Workers’ Compensation, all lines of business saw an increase in average premium renewal rate year over year, according to Ivans.
Year-Over-Year Average Premium Renewal Rates Remain Positive for Majority of Commercial Lines
IVANS® today announced the November 2021 results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, nearly all lines of business, except Workers’ Compensation, experienced an uptick in average premium renewal rate. Month over month, premium renewal rates increased for lines of business including Commercial Auto, Business Owners’ Policy (BOP),… Continue reading Year-Over-Year Average Premium Renewal Rates Remain Positive for Majority of Commercial Lines
U.S. Property and Casualty Rates Continue Upward Trend
Despite 2020 being one of the strangest years in recent history, the insurance industry continued to function efficiently. The fourth quarter 2020 composite rate was up 7.1 percent as compared to up 6.25 percent for the third quarter 2020. The biggest rate increases by line of coverage were for umbrella liability, professional lines and directors… Continue reading U.S. Property and Casualty Rates Continue Upward Trend
Commercial P&C Rates Increased 4.8% in Q2 2020, E&S Lines Up 9%
The US composite commercial property and casualty rates increased slightly from up 4.5 percent in the first quarter 2020 to up 4.8 percent in the second quarter. According to Richard Kerr, CEO at MarketScout, “Almost all US insurers are assessing rate increases; however, surplus lines insurers are more aggressive as rate increases for the second… Continue reading Commercial P&C Rates Increased 4.8% in Q2 2020, E&S Lines Up 9%
Average Premium Renewal Rates Up Month-to-Month Across Most Major Commercial Lines
IVANS®, a division of Applied Systems®, today announced the February results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, nearly all lines of business experienced an increase in average premium renewal rate, except Workers’ Compensation, which maintained its negative trend. Month over month, February saw the greatest average premium… Continue reading Average Premium Renewal Rates Up Month-to-Month Across Most Major Commercial Lines