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%.
Tag: premium increases
Premium Increases Slowed, Challenging Conditions Remain in Q4 2023: CIAB
Premium increases slowed across the board in Q4 2023 according to The Council’s recently released quarterly survey. The average premium increase across all account sizes was 7.0%, down from 8.1% in the previous quarter. Nevertheless, this was still the 25th quarter of consecutive increases.
Allstate Hikes Auto Insurance Prices by 30% in California
Allstate customers in the Golden State will have to pay more to insure their vehicles with the company.
P/C Market Survey Reveals Growing Fatigue Among Insureds Due to High Rate Increases, Demanding Renewals
Premium increases remained stable in Q2 2023, with an average increase of 8.9% across all account sizes, up slightly from the previous quarter’s 8.8%. This marked the 23rd consecutive quarter of increases.
Chubb Rate Increases Fuel Growth, Offset Heavy Storm Claims
Chubb said rate increases and other premium growth in the first quarter more than offset a 38% jump in catastrophe losses.
US Homeowners Insurers to See Improved 2023 Results on Premium Growth
Material rate increases for homeowners insurance in most jurisdictions support strong premium growth in 2023, with segment results likely to improve going forward.
Average 2022 Renewal Rates Experience a General Uptick Across Most Major Commercial Lines Compared to 2021
Fourth-quarter results in the Ivans Index showed an increase in the average premium renewal rate change across all major commercial lines of business year over year, except Workers’ Compensation
Redfin Report: 81% of Flood Insurance Policyholders Will See Rate Increases
When the Federal Emergency Management Agency overhauled its beleaguered National Flood Insurance Program last April, it promised that larger, more expensive homes would bear the brunt of premium increases, while nearly 90% of policyholders would see their costs remain stable or decrease. According to a new report from the real estate firm Redfin, when the… Continue reading Redfin Report: 81% of Flood Insurance Policyholders Will See Rate Increases
Lockton Market Update: Opportunity Amidst Uncertainty
As 2020 comes to a close, challenging conditions persist for both clients and the property & casualty industry. Reduced capacity, higher retentions, rising rates, and restrictive terms and conditions are just a few of the obstacles buyers currently face. The firming pricing landscape of 2019 gave way to a new reality in 2020 as insurance… Continue reading Lockton Market Update: Opportunity Amidst Uncertainty