According to USI Insurance Services, following on from last year’s challenging property insurance market, 2024 is proving to be a “more stable and capitalized market.”
Tag: property insurance rates
Two Private Florida Insurers Propose 50% Rate Increase
Some property insurance rates in Florida might be about to jump — in a big way.
3Q Global Commercial Lines Pricing Up 6%
Global commercial insurance prices increased 6% in the third quarter of 2022 (down from 9% in Q2), continuing a trend of moderating increases that began in Q1 2021, according to Marsh’s Global Insurance Market Index.
Property Cat Reinsurance Rates to Rise by More than 10% at Renewal
Fitch Ratings expects reinsurance rates in catastrophe-related lines of business to rise by more than 10% when contracts are renewed in January 2022, supporting the improving sector outlook for 2022. In January, two-thirds of non-facultative reinsurance business is typically renewed, with a regional focus on Europe. Rising prices, the prospect of a strong economic recovery,… Continue reading Property Cat Reinsurance Rates to Rise by More than 10% at Renewal
Extreme Weather to Push Property Insurance Higher, Says Hippo CEO
Extreme weather events and shortage of labor and materials for repairs will push property insurance rates higher in the next several years, the chief executive of U.S. home insurer Hippo said on Tuesday. As homeowners stayed home during the pandemic, their properties suffered more damage due to issues such as bathroom leaks, and it was… Continue reading Extreme Weather to Push Property Insurance Higher, Says Hippo CEO
Guy Carpenter: Property Catastrophic Rates Up Again at April 1 But Increases Fading
Property catastrophe pricing increased for the third year running at the April 1st, 2021 reinsurance renewals, while discussions about coverage were dominated by communicable disease and cyber, according to Guy Carpenter (GC), the reinsurance broking arm of Marsh. Despite the positive momentum continuing at April 1st, GC notes that the average increase was actually the… Continue reading Guy Carpenter: Property Catastrophic Rates Up Again at April 1 But Increases Fading
The Hardening Market: Insurers Drive Up Prices for U.S. Businesses
U.S. companies are paying more for insurance, a reversal after years of flat or declining rates for property and liability policies. Insurers have raised prices aggressively in the past year on companies of all sizes across the country. And they have warned price hikes are likely to continue. The turnabout underscores a challenging landscape for… Continue reading The Hardening Market: Insurers Drive Up Prices for U.S. Businesses