A property catastrophe market in transition suggests a buyers’ market at April reinsurance renewals, according to broker Aon.
Tag: property insurance
Explosive Atlantic Hurricane Season Predicted for 2024: AccuWeather
The Atlantic hurricane season officially gets underway on June 1 and runs through the end of November, and AccuWeather’s team of long-range forecasters say now is the time to prepare for a frenzy of tropical systems. There are signs that the first named system could spin up before the season kicks off as the calendar flips to June, a precursor of what’s to come.
New Record of 142 Natural Catastrophes Accumulates to $108B in Insured Losses in 2023
A devastating earthquake in Turkey and Syria, severe convective storms (SCS) and large-scale urban floods were the main events driving insured natural catastrophe losses to $108 billion in 2023, reaffirming the 5–7% annual growth trend in global insured natural catastrophe losses since 1994.
Aon Launches Climate Risk Monitor to Drive Improved Risk Management & Renewals Decision Making
Global reinsurance broker Aon has launched its Climate Risk Monitor, a tool to help clients visualize and understand their exposures to physical climate risk for better business decisions.
Claims from Central U.S. Severe Storms Top 27,000
Several insurers have taken in more than 27,000 claims related to mid-March severe convective storms across the middle of the country, from Texas to Ohio.
U.S. Commercial Insurance Rates Sustain Upward Trajectory Exceeding 6%
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%.
Impact of Climate Change on Property Insurance Rates
How Increasing Natural Disasters Influence Premiums and Underwriting Strategies The property insurance sector is facing unprecedented challenges as the impact of climate change becomes more pronounced. With an uptick in the frequency and severity of natural disasters such as hurricanes, wildfires, and floods, insurers are grappling with the task of adjusting their premiums and… Continue reading Impact of Climate Change on Property Insurance Rates
Renewal Rates for Nearly All Commercial Lines Up YoY; Nearly All Experience Decrease Month Over Month
Year over year, all major commercial lines experienced an increase in average premium renewal rates. Month over month, Workers’ Compensation experienced an increase in premium renewal rate change, while Commercial Auto, BOP, General Liability, Commercial Property, and Umbrella saw decreases.
Amwins: Property Market Conditions Expected to Slow and Even Out as Year Progresses
According to Amwin’s 2024 Property Outlook, the property market was showing signs of softening and a slowdown in the pace of rate increases for most insureds was to be expected. As we move further into Q1, that prediction is ringing true.
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