The aggregate commercial price change reported by carriers was an increase of 5.6%, up from the rate of 4.8% in the previous quarter (Q4’22).
Tag: insurance rate increases
Reagan Consulting: Insightful Agents, Brokers ‘Poised to Prosper’
Last year was a second consecutive record-setter for independent insurance agents and brokers, but rate increases and inflation were driving their growth, not new business.
Despite Rate Inadequacy, Texas Windstorm Insurer Committee Urges No Premium Increases
Despite a finding earlier this month that current rates are inadequate for both residential and commercial coverages, an underwriting committee for Texas’ windstorm insurer of last resort voted Monday not to recommend a rate increase for its policyholders. The Texas Windstorm Insurance Association’s Actuarial and Underwriting Committee’s recommendation will now be forwarded to TWIA’s board… Continue reading Despite Rate Inadequacy, Texas Windstorm Insurer Committee Urges No Premium Increases
P/C Insurance Rates See Moderate Increases in Second Quarter 2021: MarketScout
The composite rate for the second quarter 2021 was 5.9 percent versus 7 percent in the first quarter. Commercial insurance buyers paying $25,000 or less in premium are paying a slightly lower rate at 5 percent versus 6.3 percent in the first quarter. As measured by line of coverage, professional lines rates adjusted significantly at… Continue reading P/C Insurance Rates See Moderate Increases in Second Quarter 2021: MarketScout
U.S. Commercial Insurance Prices Again Increase Significantly During Q4
U.S. commercial insurance prices again grew significantly in the fourth quarter of 2020, according to leading global advisory, broking and solutions company Willis Towers Watson’s Commercial Lines Insurance Pricing Survey (CLIPS). The survey compared prices charged on policies underwritten during the fourth quarter of 2020 with those charged for the same coverage and quarter in… Continue reading U.S. Commercial Insurance Prices Again Increase Significantly During Q4
P&C Composite Rate Increased 4.5% in First Quarter
Rate increases for business insurance buyers in the United States were 4.5 percent in first quarter of 2020 as compared to 5 percent in the last quarter of 2019. Workers’ compensation rates were down 1.25 percent, the only coverage with a rate reduction. The MarketScout Market Barometer includes premium movement in all sizes of businesses,… Continue reading P&C Composite Rate Increased 4.5% in First Quarter
W.R. Berkley Reports $114M Q4 Underwriting Profit, 9% Rate Increase
Reinsurance holding company W.R. Berkley Corporation saw its fourth quarter underwriting income increase 71.1% against the prior year quarter to $114.7 million, while average rate increases excluding workers’ compensation were approximately 9%. The company noted that, as rate increases remain robust, it expects continued opportunities to grow the top line. Gross and net premiums written… Continue reading W.R. Berkley Reports $114M Q4 Underwriting Profit, 9% Rate Increase