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.
Tag: property insurance
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
Incoming Louisiana Insurance Commissioner Wants More Carriers, but Not Through Incentive Program
Louisiana’s Insurance Commissioner-elect, Tim Temple, said the state desperately needs more insurance capacity for its property market, but he is ruling out the insurance incentive program touted by outgoing Commissioner Jim Donelon.
Program Managers vs. Wholesalers: Understanding Their Roles in Property-Casualty Insurance
Program managers and wholesalers are the heartbeat of the ProgramBusiness.com Market Directory. It is a content-rich platform connecting wholesalers, MGAs/MGUs, program administrators, and carriers with independent agents looking to place business. Agents use it to quickly make contacts and begin their clients’ underwriting, quote, and submission processes. This guide explores the vital distinctions between program… Continue reading Program Managers vs. Wholesalers: Understanding Their Roles in Property-Casualty Insurance
Average Commercial Lines Renewal Rates Remain Up Month Over Month
Year over year, Commercial Auto, BOP, General Liability, Commercial Property and Umbrella experienced increasing average premium renewal rates, while premium renewal rates decreased for Workers’ Compensation. All major commercial lines premium renewal rates were higher month over month.
Brown & Brown CEO: Professional, Property Catastrophe Lines Under Pressure
Rates are mostly holding firm with the exception of professional lines, while capacity is under pressure in catastrophe-prone states, said Brown & Brown Inc.’s chief executive officer.
Home Insurance Is So High in West Palm Beach Town, Residents Are Leaving
Florida’s explosion in insurance premiums threatens to ground the state’s highflying housing market. Florida home prices soared more than 60% since 2019, according to real-estate brokerage Redfin.
Commercial Renewal Rates Up Month Over Month
The third quarter results of 2023 showed premium renewal rate change for all major commercial lines of business, except Workers’ Compensation, are up year over year. Q3 experienced an increase in average premium renewal rate change across all major commercial lines.
Commercial Real Estate’s Next Big Headache: Spiraling Insurance Costs
Commercial real-estate insurance costs have risen 7.6% annually on average since 2017, according to Moody’s Analytics. Those increases can result in hundreds of thousands of dollars or more in additional annual costs, depending on location and size of the property. They can be steep enough to wipe away a year’s worth of profits.
The Fight for Price: Middle-Market Risks Shop Their Insurance Programs
Ballooning reinsurance costs, weather events resulting in claims and heightened property values are all contributing factors to rising property insurance premiums.