Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
Ohio Bureau of Workers’ Compensation Announces 3.9% Rate Reduction for Public Employers in 2024
Aug 30 2023 // The Ohio Bureau of Workers’ Compensation announced a 3.9% rate reduction for the state’s public employers, a rate cut that will go into effect Jan. 1, 2024. The rate reduction will result in nearly $8 million...
Dutch Insurer NN Says Extreme Weather May Make Further Premium Hikes Unavoidable
Aug 30 2023 // Dutch insurer NN Group NV may increase premiums further as extreme weather patterns become more prevalent, Chief Executive Officer David Knibbe said. While NN benefited from benign weather conditions in the first half of...
Car Premiums to Rise Again as British Insurers Feel the Heat
Aug 30 2023 // Motorists in Britain should brace for another year of steep insurance rises as providers confront cost pressures, industry figures have warned. Admiral Group Plc will continue increasing motor insurance prices and expects...
Reinsurers’ Cyber Rates Expected to Rise as They Seek to Regain Profitability: S&P
Aug 29 2023 // More cyber reinsurance rate increases can be expected as reinsurers seek to regain underwriting profits in their cyber portfolios, according to a report published by S&P Global Ratings. “Reinsurers had a...
NCCI Calls for Average 15% Decrease in Florida Workers’ Compensation Rates
Aug 29 2023 // The National Council on Compensation Insurance has proposed an average 15.1% decrease in rates for Florida, starting Jan. 1, the latest and one of the largest reduction recommendations in more than a decade of rate...
Florida OIR Tells Citizens to Rethink Maximum Rate Increase on HO Policies
Aug 22 2023 // When Citizens Property Insurance Corp. in June filed for the maximum rate increases allowed by its statutory glidepath, many in the Florida insurance industry saw it as a good thing, needed to help steer policyholders back...
Private Flood Insurers See Opportunity as NFIP Increases Rates
Aug 21 2023 // While the National Flood Insurance Program (NFIP) rolls out a new rating program generating premium increases for many policyholders, the private flood insurance market has seized the opportunity to grow its market share...
Rate Hikes Not Bringing Profit to US Auto Insurers: Fitch
Aug 18 2023 // Jumps in rates and written premiums did little to move the needle on underwriting profits for U.S. personal auto insurers, Fitch Ratings reported based on a recent review of midyear results of nine big market...
Increased Vehicle Sales, Search for Lower Rates Boost Auto Insurance Shopping
Aug 15 2023 // Auto insurance shopping rates rose 12% year-over-year in the second quarter of 2023, according to a new TransUnion report. While vehicle sales played a role in the increase, TransUnion said in a press release that the...
Surplus Lines Premium Increases 16% to Nearly $36 Billion Through June
Aug 10 2023 // Surplus lines premium reached nearly $36 billion through the first six months of 2023, according to the 2023 Midyear Report of the U.S. Surplus Lines Service and Stamping Offices. Premium increased about 16% overall...
Lloyd’s Leads Insurers in Raising Rates, Cutting Taiwan Cover as Conflict Risks Rise
Aug 10 2023 // Lloyd’s of London underwriters are leading insurers in raising rates and cutting the amount of cover they offer for risks involving Taiwan as concerns grow over possible military action by China, industry sources...
NC DOI Arrives at 4.5% Increase in Auto Rates for Next Two Years, 9.9% on Dwelling
Aug 9 2023 // North Carolina’s insurance commissioner has negotiated a smaller increase on auto insurance rates than the state’s rating agency had requested. The North Carolina Rate Bureau in February requested an average...
TWIA Board Votes Down Recommended Rate Increases
Aug 9 2023 // Though an analysis found rates at Texas’ insurer of last resort to be about 20% inadequate, its board on Tuesday did not come to an agreement to file for any rate increases. The board of the Texas Windstorm Insurance...
Auto Claims Inflation Speeds Ahead of Premium Increases
Aug 7 2023 // Insurance claims inflation has risen faster than the underlying consumer price index (CPI), outpacing auto insurance premium increases, according to a new study, Auto Insurance: The Uncertain Road Ahead, by the American...
Report: Auto Insurance Premiums Rise 17% in H1 of 2023
Aug 3 2023 // Car insurance premiums are skyrocketing primarily due to rising auto parts costs and extreme weather, according to virtual insurance agent platform Insurify’s Q3 2023 Mid-Year Auto Insurance Trends Report. In the...
Hard Market Game Refuses to End: Arch Capital CEO
Aug 1 2023 // Drawing analogies to an epic tennis match and the hands of a clock, the leader of Bermuda-based Arch Capital declared the current hard market one of the longest the P/C industry has ever experienced. “This is the...
Russia’s Danube Attacks Threaten Ukraine Grain Exports; Ports’ Insurance Rates Rise
Jul 26 2023 // Russian air strikes on Ukrainian grain facilities on the Danube this week threaten a vital river route for Kyiv’s exports, as Moscow seeks to tighten the noose around a key sector of the economy days after abandoning...
Report: California Workers’ Comp Premium Levels on the Rise
Jul 25 2023 // California workers’ compensation premium levels rose by 14% in 2022 due to the economic recovery from the pandemic-related downturn, according to the new Workers’ Compensation Insurance Rating Bureau of...
Arkansas Schools Face 130% Increase in Property Premiums, Seek Financial Assistance
Jul 24 2023 // An Arkansas subcommittee last week approved Gov. Sarah Huckabee Sanders’ request for close to $11 million from the state’s restricted reserve fund to offset costs for school districts facing soaring property...
Auto Claims Inflation Speeds Ahead of Premium Increases
Jul 24 2023 // Insurance claims inflation has risen faster than the underlying consumer price index (CPI), outpacing auto insurance premium increases, according to a new study, Auto Insurance: The Uncertain Road Ahead, by the American...
