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Top Stories / Ad / Most Recent
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Commercial lines difficulties continue to weigh down industry results.
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Premiums rose an average of 7% across all lines, down from Q3.
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Some carriers may be pressing too hard on reserve releases from recent years.
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GL reserves continue adverse development trend for 2015-2019 accident years.
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A review of commercial lines loss picks for AIG vs the industry
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The CPI all-items index moderated to 3.1%, vs a 3.4% YoY rise for December.
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Commercial property was at 10.30%, down from 10.67% in December.
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Severe convective storms are the biggest overall driver of adverse results.
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The Aspen IPO provides an opportunity to benefit from the specialty market without commensurate prior-year reserve risks due to an LPT cover.
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January 1, 2024 was a “spotty” renewal, with the most over-subscribed deals being those bought by the major global cedants with good track records, whereas others did not attract as much attention.
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2024 is likely to be another challenging year for the industry, and commercial in particular, though improvement in personal lines may soften the blow.
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Medical care prices – an indicator of medical inflation, a key input to long-tail loss costs – were up 0.2% YoY, after an 0.8% drop for October and a 1.4% drop for September.
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For some time now, property has been doing the heavy lifting around growth and rate rises in E&S.
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Williams is taking over for LeAnne McCorry, who will take on a new role as head of enterprise clients, North America.
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The continued negative outlook in Europe and the US can in part be attributed to inflation and the challenge of catastrophe risk management.
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The executive expects the carrier to write “a bit more” property cat business in the coming renewals as it manages the exposure of its entire book.
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Underwriters’ concern surrounding the volatility of secondary perils is sustaining caution over rate adequacy.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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Issues over reinsurance pricing and capacity continued to plague commercial property.
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Broker and commercial carrier trends separate as inflation slows but rates stay elevated.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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AJ Gallagher posts 10.5% Q3 organic growth, lower sequentially but up year-on-year
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Strong pricing and stable loss costs yield solid results for the early reporters, but social inflation could turn the tables during the course of this earnings season.
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Drew Carnase joined Risk Strategies two years ago and will be based in Boston, focusing on scaling and optimizing the commercial lines operations.
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From 2020 to 2023, P&C replacement costs increased by 45% on average, whereas inflation for the overall US economy increased 15% within that same period, though the forecast expects that to change.
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Commercial property rates in Hawaii, which sustained a major wildfire event in August, went up to 5.02% that month from 1.65% in July, but remained lower than the average even after the increase.
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Pricing, reserves and uneven catastrophe losses will be the theme this quarter.
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An RPS report cites a drop in demand from Covid highs, along with increasing competition among carriers and near-record capacity as among the challenges currently facing transportation insurers.
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In tandem, the percentage of Negative outlooks almost doubled from 5.4% at year-end 2022 to 9.9% at June 30 2023.
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On a year-on-year basis, the all-items index for September increased 3.7% before seasonal adjustment.
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In a presentation before Florida lawmakers, Cerio noted recent success in Citizens’ efforts to move policyholders to private insurers and reduce risk exposure.
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Q2 marked the 23rd consecutive quarter of year-over-year property rate increases, with rates rising 21% on average and further increases expected for the rest of the year.
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Now that the tides have turned from a “growth-only” to a “profitability first” mindset, companies are letting go of the additional hires and focusing on insurance fundamentals and insurance expertise.
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Inside P&C’s news team brings you all the top news from the week.
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A summary of commentary from the first day of Inside P&C New York, with insights on capital raising, E&S and reinsurance expectations.
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Industry leader insights will give us a view on macro, sector and innovation trends.
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