The Hartford has reported a net income of $645 million for the third quarter of 2023, a 93% increase from $334 million from the same period last year.
Tag: commercial lines
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 Moderate in 3Q 2023: MarketScout
n 2023, third quarter commercial insurance rates were plus 3.72% as compared to plus 5% in the second quarter. Rates for all coverage classifications except business owners policies (BOP) moderated in the third quarter. BOP rates increased from plus 3.2% to plus 5%.
Global Commercial Insurance Rates Continue to Moderate as Pricing Up 3% in 2Q
Global commercial insurance prices increased 3% in the second quarter of 2023 (down from a 4% increase in Q1), according to the Global Insurance Market Index released today by Marsh, the world’s leading insurance broker and risk advisor and a business of Marsh McLennan.
Liberty Mutual to Stop Offering its BOP in California
Property and casualty insurer Liberty Mutual will stop offering its business owner’s policy (BOP) product in wildfire-prone state California from Oct. 1, in a sign that cost inflation and higher catastrophe losses are pounding insurers’ profits.
Independent Agencies Gaining Market Share
The independent agency channel is holding ground and making slow, steady gains in lines of business penetration, including homeowners, according to the Big “I” 2023 Market Share Report.
Composite U.S. Commercial Insurance Rates Steady in 2Q: MarketScout
Businesses across the United States were assessed an average composite insurance rate increase of 5% in the second quarter of 2023.
Inflation, Catastrophes Contribute to 2022 Underwriting Loss for P&C Industry: New Triple-I/Milliman Report Shows
The 2022 net combined ratio for the property/casualty insurance industry was 102.4, with underwriting losses for personal lines partially offset by underwriting gains for commercial lines.
Verisk Reimagines Insurance Product Innovation with New Rating Engine
Insurers can transform the complex process of developing new commercial lines products with the power and convenience of a new rating engine from Verisk.
Embedded Insurance Distribution Could Exceed $70 Billion in Premium in the U.S. by 2030
Embedded insurances could make significant inroads into both personal lines and small commercial insurance business, exceeding $70 billion in premium by 2030,