The Citizens Property Insurance Corp. Board of Governors on Wednesday will consider a proposal that would lead to an average 13.5 percent rate increase in 2025 for homeowners with the most common type of policy and an average 14.2 percent increase for condominium-unit owners.
Tag: rate increases
Florida Regulators Say No to Citizens’ Request for 13.3% Rate Increase
Amid explosive growth in its number of policies, Citizens this year asked the Office of Insurance Regulation for approval of an overall 13.3% rate increase, with 12% hikes for “multi-peril” policies on primary residences.
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.
Citizens Property Insurance Approves 2023 Rate Hike
Citizens board members approved a recommended statewide average increase of 14.2% for all Personal Lines policies – homeowners, condominium unit owners, dwellings, renters and mobile homes.
AIG Boosts Profit as Catastrophe Losses Narrow, Premiums Increase
American International Group Inc. posted strong gains in first-quarter profit, benefiting from reduced catastrophe losses, growth in new business and premium-rate increases. The AIG results reflected the turnaround of the company’s business of selling property-casualty insurance to corporate clients world-wide. The overhaul has been led by Peter Zaffino, who took over as chief executive in… Continue reading AIG Boosts Profit as Catastrophe Losses Narrow, Premiums Increase
Pricing for Insurance Lines Begins to Stabilize Excluding Cyber: WTW
The commercial insurance market is beginning to show signs of normalcy in 2022, despite a steady slowing of rate increases. According to the 2022 Marketplace Realities Report, Spring Update by WTW, a leading global advisory, broking, and solutions company, buyers are still seeing rate increases; however, many of those increases are now dropping to single… Continue reading Pricing for Insurance Lines Begins to Stabilize Excluding Cyber: WTW
Global Reinsurers Premium Rate Increases to Further Moderate in 2022
Global reinsurer underwriting performance is poised to improve in 2022 as premium rate increases take hold, with further rate increases supported by persistent heightened catastrophe losses, continued low interest rates and mounting inflation concerns, Fitch Ratings says in a new report. Nevertheless, concerns remain regarding deteriorating loss-cost trends, rising social inflation and litigation costs and… Continue reading Global Reinsurers Premium Rate Increases to Further Moderate in 2022
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%