KPMG’s latest report projects a significant 10% rise in insurance premiums across various sectors in 2024, driven by a confluence of economic and industry-specific factors.
Tag: insurance premiums
CIAB: Premium Increases Flat to Down Q1 2024
Premium increase moderation continued this quarter, with premiums across all account sizes increasing by 7.7%, slightly up from the previous quarter’s 7.0%. It was the 26th consecutive quarter of increases.
Gov. Newsom’s Latest Insurance Move Could Help Californians Avoid Canceled Policies
As some Californians continue scrambling for ways to affordably insure their homes, Gov. Gavin Newsom on Friday announced a push to expedite how quickly insurance companies can increase rates.
Liberty Mutual Q1 Net Income Leaps to $1.54B; U.S. Premiums Drop as Rates Climb
Liberty Mutual Holding Co. Inc. swung to a $1.54 billion net attributable income in the first quarter from a $74 million attributable net loss a year earlier on improved losses and the sale of GRM West operations, according to President and Chief Executive Officer Tim Sweeney.
Best’s Rankings: U.S. Property/Casualty Industry NPW Rises 11.2% to $852.92B
Total U.S. property/casualty net premiums written rose 11.2% to $852.92 billion in 2023, according to a new Best’s Rankings.
U.S. Commercial Insurance Rates Sustain Upward Trajectory Exceeding 6%
U.S. commercial insurance rates have continued their upward trajectory through the fourth quarter of 2023, according to the latest findings from WTW’s Commercial Lines Insurance Pricing Survey (CLIPS). Carriers reported an aggregate commercial price increase of 6.7%, continuing a consecutive quarter upsurge over 6%.
Rising Construction Costs Plague Insurance Rates
Anyone in Florida looking to buy or build a home, or maintain insurance on a home they already own, are likely facing rising costs. Average annual premiums have risen to more than $4,200 a year, which is triple the national average.
Commercial Insurance Rates Continue to Show an Aggregate Increase Just Above 6%
Carriers report an aggregate commercial price change that remains above 6%, specifically at 6.1%, showing a slight decrease from the rate of 6.4% in the previous quarter (Q2’23).
Insurers Face Wave of Inquiries Over Climate Risks
The nation’s property insurance industry is coming under unprecedented scrutiny with the launch of three inquiries into how climate change is causing premiums to soar and pushing insurers to withdraw from at-risk regions.
Commercial Real Estate’s Next Big Headache: Spiraling Insurance Costs
Commercial real-estate insurance costs have risen 7.6% annually on average since 2017, according to Moody’s Analytics. Those increases can result in hundreds of thousands of dollars or more in additional annual costs, depending on location and size of the property. They can be steep enough to wipe away a year’s worth of profits.