The composite rate for US commercial insurance rates was up 5.1% in the fourth quarter of 2022.
Tag: insurance rates
Moderation in Insurance Pricing Increases Continues: Marsh
Global commercial insurance prices rose by 9% in the second quarter of 2022, according to the Marsh Global Insurance Market Index. The pace of rate increases slowed for the sixth consecutive quarter; global composite increases peaked at 22% in the fourth quarter of 2020. The second quarter was the nineteenth consecutive in which composite pricing… Continue reading Moderation in Insurance Pricing Increases Continues: Marsh
P/C Rate Increases Stabilize, but Severe Weather and Lawsuits Loom: MarketScout
According to MarketScout, property/casualty insurance price increases in the United States appear to have stabilized in the second quarter of 2022, with both commercial and personal lines rate changes remaining consistent with the previous quarter. Commercial insurance buyers saw an average 5.91 percent increase across all lines, while personal lines customers saw an average 5.16… Continue reading P/C Rate Increases Stabilize, but Severe Weather and Lawsuits Loom: MarketScout
Global Insurance Rates Continue to Moderate with 11% Increase in Q1
Marsh LLC reported an 11% increase in global commercial insurance prices in the first quarter in its latest Global Insurance Market Index, which was released on Wednesday. According to Marsh, this was the 18th consecutive quarter of increases, but it was also the fifth consecutive quarter in which global pricing moderated since its peak of… Continue reading Global Insurance Rates Continue to Moderate with 11% Increase in Q1
Majority of Commercial Lines of Business Remain Up Year Over Year: IVANS
IVANS® today announced the February 2022 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 increase in average premium renewal rate. Month over month, premium renewal rates increased for lines of business including Business Owners’ Policy (BOP) and Workers’… Continue reading Majority of Commercial Lines of Business Remain Up Year Over Year: IVANS
Commercial Lines Prices for Q1 Up Nearly 8%
U.S. commercial insurance prices increased again during the first quarter of 2021, 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 first quarter of 2021 to those charged for the same coverage and quarter in 2020… Continue reading Commercial Lines Prices for Q1 Up Nearly 8%
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
More of the Same for April 1 Reinsurance Renewals
International reinsurance renewals completed for April 1, 2021 followed trends set earlier in the season, as market pricing remained firm in virtually all classes and territories. Capacity was adequate across the board, and no substantive changes took place in negotiations over exclusionary language, according to the latest 1st View renewals report from Willis Re, the… Continue reading More of the Same for April 1 Reinsurance Renewals
GM to Sell Car Insurance, Using Data on Your Driving to Set Prices
General Motors Co. is launching a car-insurance business based on the idea its vehicles can remotely track drivers’ behavior and set insurance rates accordingly. The Detroit-based auto maker will offer insurance plans branded under its OnStar connected-car service, which comes installed on all GM vehicles in North America, the company said Wednesday. Customers who sign… Continue reading GM to Sell Car Insurance, Using Data on Your Driving to Set Prices
Third-Quarter Insurance Composite Rate Increase at 6.25%
At the close of the third quarter 2020, insurance buyers were assessed rate increases on every line of coverage and industry class. Richard Kerr, CEO and Founder of MarketScout, profiled the current market environment by pointing out, “The composite rate is up 6.25 percent for the third quarter 2020 as compared to up 4.8 percent… Continue reading Third-Quarter Insurance Composite Rate Increase at 6.25%