For the first time in seven years, global commercial insurance rates have fallen. According to Marsh’s Global Insurance Market Index, rates dropped by an average of 1% during the third quarter of 2024, signaling a significant shift in the global insurance landscape.
Tag: insurance rates
Skyrocketing Premiums Are Hitting Homeowners Hard, But Barely Factor Into Inflation
Insurance rates have been climbing for a number of reasons: Storms have become more frequent and severe, inflation and labor shortages have driven up the cost of repairs and home values have increased, requiring larger policies. The biggest jumps occurred in Texas, Arizona and Utah, which were among 25 states in total that posted double-digit surges last year. In some places, including Florida, rates are up more than 40 percent over the past five years.
Florida’s 125% Surge in Property Insurance Bills Sows Havoc
With Florida being threatened by more powerful hurricanes, commercial-property insurance costs last year surged at nearly five times the national pace, according to credit rating firm AM Best.
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.
Travelers Insurance Raising California Home Rates by 15% on Average
One of California’s largest home insurers is raising rates for hundreds of thousands of state policyholders by an average of 15.3%, the latest move by a major insurer to boost homeowners’ premiums in the face of growing wildfire risk.
California Bill Would Require Insurers to Consider Fire Mitigation When Setting Coverage, Rates
The American Property Casualty Insurance Association is urging California lawmakers to slow down on legislation that would require insurers to factor state and private fire mitigation efforts into decisions on coverage and rates.
Average Premium Renewal Rates Remain Up Year Over Year: Ivans
The first quarter results of 2024 showed premium renewal rate change for all major commercial lines of business except Workers’ Compensation are up year over year. Q1 2024 experienced an increase in average premium renewal rate change across all major commercial lines compared to Q4 2023.
Farmers CEO: Some Insurance Premiums Will Mirror the Cost of Mortgages
The owners of homes that will almost certainly suffer a total loss within the next 20 to 30 years should prepare to pay insurance premiums on par with a mortgage, according to Farmers Chief Executive Officer Raul Vargas.
Q4 2023 Insurance Rates Remained Stable as Property Price Increases Continued to Moderate
Global commercial insurance rates increased by 2% in the fourth quarter of 2023 (down from a 3% increase in Q3), 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
IVANS: Renewal Rates Experience Variable Change Month Over Month Across Commercial Lines
Month over month, Commercial Auto, BOP, Umbrella and Workers’ Compensation experienced increases in premium renewal rate change, while General Liability and Commercial Property saw a decrease.